Thursday, 8 March 2012

Naim Indah: No plans by Chan to inject new projects

KUALA LUMPUR (March 8): NAIM INDAH CORPORATION BHD [], whose shares had seen active trade recently, clarified on Thursday there was no proposal from new major shareholder Datuk Raymond Chan Boon Siew to inject new development projects into the company.

It said on Thursday there were no new plans by Chan except for the heads of agreement signed with Generasi Cipta Sdn Bhd, which was announced on Feb 10.

A local vernacular newspaper said Chan was expected to bring in RM500 million of projects into Naim Indah.

The directors and major shareholder also said they were not aware of any reason for the sharp increase of Naim Indah share price on Wednesday except for the announcements regarding the heads of agreement between the company and Generasi Cipta on Feb 10 and March 7.

To recap, on Feb 8, Naim Indah announced six new shareholders including Chan Boon Siew.

Among the six individuals, Chan, a major shareholder and exective director of HARVEST COURT INDUSTRIES BHD [], will hold the largest stake of 12.11% or 85 million shares. Chan is also the managing director of Sagajuta (Sabah) Sdn Bhd, a property developer.

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