Hasni: ‘We sense that there are a lot of potential buyers out there’
KUALA LUMPUR: MMC Corp Bhd plans to further unlock the value of the company’s massive landbank, in excess of 4,500 acres located in Iskandar Malaysia, by strategically developing the land for industrial customers.
Group managing director Datuk Hasni Harun revealed that the company, via subsidiaries, has two large pieces of land in Johor located in the Tanjung Bin Petrochemical and Maritime Centre and Senai areas.
“The Tanjung Bin project is managed by Seaport Worldwide Sdn Bhd, a wholIy-owned company of Johor Port, which in turn a wholly-owned subsidiary of MMC. The project is expected to complement the Refinery And Petrochemicals Integrated Development (Rapid) project in Pengerang.
“We have secured an anchor client there, a joint-venture (JV) company between MISC Bhd and Vitol Plc and we are now in the midst of discussion with other clients that are interested and we sense that there are a lot of potential buyers out there,” he said at a press briefing after the company’s AGM.
For the other project in Senai, Hasni said in general there were three planned developments where the company has invested between RM200mil and RM300mil to equip the land with basic necessities such as connecting bridges and roads.
“The first is a mixed development of about 650 acres, next is another 1,000 acres area slated for Senai High-Tech City which has gained a free trade zone status and also another vast area for cargo to complement our Senai Airport operation.
“In general, the value of the land has risen quite substantially from our investment cost thus any disposal of these lands will provide a new cash flow to the company.
“Going forward, we estimate more industrial customers to come into our areas.
“We will build an industrial park with ready-made buildings and we are talking to some potential investors and JV partners to develop the land,” he said.
For its engineering and construction division, Hasni said MMC was interested in participating as a project delivery partner and underground work package contractor for the second and third lines of of the Klang Valley mass rapid transit (KVMRT) project as well as the high-speed rail project connecting Kuala Lumpur and Singapore.
“More updates on the KVMRT are expected in the next few months and we are very excited,” he said.
On the listing postponement of its 51%-owned power generating company, Malakoff Corp Bhd, Hasni said MMC planned to list Malakoff no later than the first half of next year.
Source : Star May 14, 2013 by SHARIDAN M. ALI
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