KUALA LUMPUR: Tan Sri Robert Tan Hua Choon, who has been on a selling spree this year, does not discount further stake sales in any of the other seven listed companies he owns, saying that he is open to "any opportunities" to unlock value in his companies.

Tan recently sold a 10.23% stake in ceramic wares company Goh Ban Huat Bhd (GBH). This was after selling a stake in shipping firm PDZ Holdings Bhd to Pelaburan Mara in April and selling out of Malaysia Aica Bhd in February this year.

Speaking to reporters after Keladi Maju Bhd's AGM yesterday, Tan said the idea of selling off more stakes in his companies had not occurred to him but he is open to any opportunities.

Tan has stakes in GBH, FCW Holdings Bhd, Keladi Maju, PDZ Holdings, Jasa Kita Bhd, Marco Holdings Bhd and GPA Holdings Bhd.

Last month, Tan sold 19 million shares of GBH which accounted for a 10.23% stake in the company. GBH and Keladi Maju, both controlled by Tan, made several announcements and Tan is expected to receive RM134 million from selling his 36% stake (66.8 million shares) in GBH.

Tan said its recent moves between GBH and Keladi Maju is to consolidate all its property development business under Keladi Maju. He neither confirmed nor denied plans to turn GBH into an oil and gas (O&G) services firm.

In June, GBH announced that it is buying 100% of Dynac Sdn Bhd for RM632 million. Dynac is in the business of providing cooling systems and services for the O&G industry and its owner, Datuk Abdul Rahman Mohamed Shariff, will emerge as the single largest shareholder of GBH.

To fund the acquisition of Dynac, GBH sold nine parcels of land on Jalan Segambut, Kuala Lumpur for RM192.4 million cash to Keladi Maju. The total land area combined is close to 14 acres.

Keladi Maju managing director Datuk Chuah Chin Ah said it is in the planning stage for the nine parcels of land on Jalan Segambut and is expecting a gross development value (GDV) of up to RM1.5 billion for the development.

"Our estimated GDV for the (company) whole year is about RM58 million. We have already recognised RM15 million, so the balance is RM43 million for the rest of the year," he added.

Currently, the company has 667 acres of land planted with oil palm, 515 acres with newly replanted oil palm, 167 acres of land being developed and 130 acres of undeveloped land. The oil palm business contributes 5% to 10% to its overall income per annum.

For the first quarter ended April 30, 2014 (Q1), its net profit fell 29.03% to RM2.92 million from RM4.11 million a year ago while revenue fell 32.11% to RM7.93 million from RM11.68 million a year ago.

Chuah said it is finalising the results of its second quarter ended July 31, 2014 (Q2) and expects to maintain its Q2 results at a "comparable level" year-on-year.

Posted on 1 August 2014 - 05:37am