KUALA LUMPUR: Sabah-based property developer WMG Holdings Bhd plans to launch RM1.3 billion in new projects over the next few years, following its debut on the main market of the Bursa Malaysia today.
WMG’s share price opened two sen higher to 50 sen from its offer price of 48 sen.
The listing of WMG on the main board marks the completion of a reverse takeover of the Tekala Corp Bhd. Upon its listing, existing public shareholders of Tekala now hold about 31.3 per cent of WMG, while the vendor holds 56.3 per cent.
Group managing director Quek Siew Hau said the new projects will comprise both residential and commercial properties, and will add to WMG’s current projects with an estimated gross development value (GDV) of RM445.1 million.
“The listing is timely for us, allowing us not only to tap into the capital market for future land banking opportunities, but to also raise our corporate profile as we plan to undertake about RM1.3 billion worth of pipeline projects.
“The long-term prospects of the property development market in Sandakan and Kota Kinabalu look promising, spurred by government spending on infrastructure projects in the state, such as the Pan Borneo Highway, which passes through Kota Kinabalu and Sandakan.
“Ongoing initiatives under the Sabah Development Corridor Blueprint and the tourism boom also augur well for the economic development of the state, which will boost demand for properties,” he told reporters here.
Founded more than 30 years ago, WMG has a track record of completing projects with a GDV of RM2.2 billion in Sandakan and Kota Kinabalu.