KUALA LUMPUR: Sanbumi Holdings Bhd, which is involved in tourism and property, is proposing a name change to Iconic Worldwide Bhd to reflect new shareholding and better represent its current business.
In its filing to Bursa Malaysia yesterday, Sanbumi executive director Datuk Tan Kean Tet who recently emerged as the major shareholder, said the proposed name change would reflect his determination to duplicate success in Iconic Group.
He said Iconic Group had todate completed property development projects worth RM500 million in gross development value. A joint-development project and hotel management agreement are already in the works for Sanbumi and that will improve its earnings visibility.
Tan said the name change to Iconic Worldwide is the first step in rebranding and commitment towards turning the company profitable in the near future.
On April 2, 2019, Sanbumi's wholly-owned unit Sanbumi Sawmill Sdn Bhd, had signed a joint-venture agreement with Iconic Development Sdn Bhd, a wholly-owned unit of Iconic Group to develop freehold land in Penang.
Named Iconic Point, the RM127.81 million mix development project comprise 48 units of 3-storey semi-detached shop office, a unit of 3-storey detached shop office, a 4-storey 48-room hotel and three units of drive-through F&B outlets.
Also, on April 1, 2019, Sanbumi had entered into a hotel management agreement with Lucky 888 Sdn Bhd, an affiliated company to Iconic Group, for the provision of services to Iconic Hotel. This will provide a recurring income to Sanbumi.