11/06/2024 06:41 PM

KUALA LUMPUR, June 11 (Bernama) -- SP Setia Bhd, through its subsidiary Pelangi Sdn Bhd, has concluded the sale of its 388.38-hectare land parcel in Johor to Senibong Island Sdn Bhd for RM564 million.

In a statement today, the property developer noted that by unlocking the value of this asset located in Tebrau, the deal enhances the company’s financial standing, contributing to an expected profit after tax of RM332 million.

President and chief executive officer Datuk Choong Kai Wai said the transaction complements the company’s de-gearing efforts.

“By efficiently managing our capital structure, channelling resources into fast-developing projects, rationalising our cost structure, and directly boosting our bottom line, Setia is better positioned for expansion and long-term sustainability,” he said.

Choong also said that the company will continue to direct its efforts into other revenue streams via landbank management, making its mark in industrial development and continuing with regional expansion in Vietnam and Australia to broaden its income base, in addition to its strong execution of township projects in line with market demand.

“Setia has also commenced pre-initial public offering preparatory work to explore the establishment of a real estate investment trust (REIT), showcasing a diverse asset portfolio, which may include retail complexes, office buildings, schools and a convention centre, establishing a new pathway for investor value and company growth.

“Our strategy to realise the values of our identified land assets has brought us one step closer to an even stronger financial state and supports our efforts to diversify our income base,” he added.


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