MARKET DEVELOPMENT
MSWG To Query Land & General Over Plantation and Investment Plans
MSWG To Query Land & General Over Plantation and Investment Plans
25/09/2013 (The Star) - Property developer Land & General Bhd (L&G), which has ventured into plantations, is expected to face queries from the Minority Shareholder Watchdog Group (MSWG) at a shareholders meeting on Wednesday.
MSWG is likely to query the management on whether it plans to increase its investment properties to boost recurring income.
The watchdog group is also expected to raise questions if L&G intends to increase its oil palm and rubber land acreage.
Besides property development, the company is involved in the cultivation of rubber and oil palm, management of club activities, ownership of a school building complex, and provision of education services.
In its first quarter ended June 30, 2013, L&G’s net profit rose 34% to RM10.43mil from RM7.7mil a year ago.
Sales improved 85.7% to RM89.91mil from RM48.41mil. Earnings per share were 1.74 sen compared to 1.29 sen during the same period last year.
As of end-June, L&G had deposits, cash and bank balances of RM166.78mil.
At its share price of 37.5 sen, L&G is trading at a price-to-earnings of 4.83 times. Its market capitalisation was RM224.4mil based on a share base of 598.3 million shares.
Mayland Parkview Sdn Bhd is the largest shareholder with a 17.29% stake or 103.42 million shares while its founder Tan Sri Wan Azmi Wan Hamzah owns 5.01% or 30 million shares.
On Sept 23, L&G’s renounceable rights issue of RM77.78mil loan stocks, comprising of 598.30 million rights irredeemable convertible unsecured loan stocks (ICULS) of 13 sen each, was oversubscribed by 49.41%.
According to its annual report for 2012, L&G has 1,009.71ha of rubber and oil palm estate land in Kerling, Ulu Selangor with a net book value of RM48.14mil.
It said the rights ICULS were expected to be listed and quoted on the Main Market of Bursa Malaysia Securities Bhd on Sept 30.
MSWG is likely to query the management on whether it plans to increase its investment properties to boost recurring income.
The watchdog group is also expected to raise questions if L&G intends to increase its oil palm and rubber land acreage.
Besides property development, the company is involved in the cultivation of rubber and oil palm, management of club activities, ownership of a school building complex, and provision of education services.
In its first quarter ended June 30, 2013, L&G’s net profit rose 34% to RM10.43mil from RM7.7mil a year ago.
Sales improved 85.7% to RM89.91mil from RM48.41mil. Earnings per share were 1.74 sen compared to 1.29 sen during the same period last year.
As of end-June, L&G had deposits, cash and bank balances of RM166.78mil.
At its share price of 37.5 sen, L&G is trading at a price-to-earnings of 4.83 times. Its market capitalisation was RM224.4mil based on a share base of 598.3 million shares.
Mayland Parkview Sdn Bhd is the largest shareholder with a 17.29% stake or 103.42 million shares while its founder Tan Sri Wan Azmi Wan Hamzah owns 5.01% or 30 million shares.
On Sept 23, L&G’s renounceable rights issue of RM77.78mil loan stocks, comprising of 598.30 million rights irredeemable convertible unsecured loan stocks (ICULS) of 13 sen each, was oversubscribed by 49.41%.
According to its annual report for 2012, L&G has 1,009.71ha of rubber and oil palm estate land in Kerling, Ulu Selangor with a net book value of RM48.14mil.
It said the rights ICULS were expected to be listed and quoted on the Main Market of Bursa Malaysia Securities Bhd on Sept 30.