Tambun Indah at lowest since Jan 2011 listing, trades ex-rights

KUALA LUMPUR (May 3) : Shares of Tambun Indah Land Bhd fell 7% to reach the stock’s lowest since the property developer‘s listing in January 2011.The stock trades ex-rights on Thursday.

Tambun Indah shares fell four sen to 52 sen before settling higher at 53.5 sen at lunch break with some 290,000 shares done. The company’s initial public offering had involved 54.1 million shares at 70 sen each.

The firm is undertaking a renounceable rights issue of 88.4 million new shares together with 44.2 million new free detachable warrants. The exercise is undertaken on the basis of two rights units and one warrant for every five existing shares held.

The rights shares, be traded as Tambun-OR, will be transacted on the exchange beginning next Tuesday.



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Tambun Indah inks MoU to develop RM50m international school in Penang

KUALA LUMPUR (April 22): Tambun Indah Land Bhd has inked a Memorandum of Understanding (MOU) with SIS Charter Sdn Bhd (SIS) to develop a RM50 million international school at at Pearl City integrated township in Seberang Perai.

In a statement April 21, Tambun Indah said this would be Mainland Penang’s first international school.

It said the MOU was signed between Tambun Indah subsidiary, Palmington Sdn Bhd and SIS Charter Sdn Bhd, the operator of Straits International School.

The Mainland Penang campus of Straits International School, with minimum 200,000 square feet (sq ft) of built-up area, will be built on a 6.5 acre land in Pearl, it said.

Tambun Indah managing director Ir. Teh Kiak Seng said the setting up of Straits International School at Pearl City Business Park would go a long way in enhancing the attractiveness of the ompany’s expanding township, and strengthen its value proposition as a fully integrated and self-sustaining development.”

Teh said the Straits International School would be built at estimated development cost of RM50 million, of which Tambun Indah will invest RM35 million to design and construct the campus, include land cost, and SIS will invest RM15 million to equip it with necessary facilities, such as equipment, furniture, fittings, interior decorations and others.

Upon the campus’ target completion in 2014, SIS will then lease the school campus from Tambun Indah for a period of 20 years.

Straits International School will offer Cambridge international curricula for primary and secondary students, both foreign and local.

Once fully operational, the Mainland Penang school campus will be capable of handling a student population of 800 to 1,200.

The also said that the setting up Straits International School represented the first step in the development of Pearl City Business Park.

“In that sense, we will continue our marketing efforts to attract more businesses and anchor tenants to join in the expected growth in Pearl City and collaborate to create Mainland Penang’s first integrated city by 2020,” said Teh.



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Tambun Indah gets nod to raise RM44.2m

KUALA LUMPUR: Tambun Indah Land Bhd has received shareholders' nod to issue two rights shares plus one free warrant for every five existing ordinary shares held.

In a statement today, the property developer said the proposed renounceable rights with warrants would raise a minimum of RM44.2 million.

It would involve the issuance of 88.4 million new ordinary shares at an indicative rights issue price of 50 sen each and 44.2 million free detachable warrants, it said.

Tambun Indah said most of the proceeds from the rights would be used to part-finance its development projects, including its flagship Pearl City township.

"The total gross development value for Pearl City is estimated to be RM2.8 billion, with the township targeted to be fully developed by 2020," it said.

However, Tambun Indah said, the proposed renounceable rights issue and warrants were still subject to approvals from the Securities Commission and other regulatory authorities.

It said the rights would increase its share capital to RM154.7 million, comprising 309.4 million shares of 50 sen par.

MIDF Investment Bank is the managing underwriter and adviser for the corporate exercise. - Bernama



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Tambun Indah to launch RM570m projects in 2012

KUALA LUMPUR (Feb 23): Tambun Indah Land Bhd plans to launch RM570 million worth of projects in 2012 both on Penang island and the mainland.

It said on Thursday that among the projects were the Straits Garden in Penang Island, and Pearl Residence, Pearl Indah, Carissa Villas and BM Residence on the mainland of Penang.

Tambun Indah said it recorded strong property sales in the financial year ended Dec 31, 2011.

It sold 912 units valued at RM347.3 million in FY11 compared to 396 units valued at RM137.1 million in FY10.

“The strong property sales in FY11 saw group revenue and profit before tax (PBT) increase 49.8% and 29.8% to RM191.8 million and RM46.9 million respectively, from proforma revenue of RM128.1 million and PBT of RM36.2 million a year ago,” it said.

Tambun Indah said net profit dipped 6.5% to RM23.6 million in FY11 from RM25.2 million in FY10 due to higher administrative expenses, which included a one-off RM2.67 million listing expenses incurred during the listing exercise on the Main Market.

Managing director Teh Kiak Seng said the group has a future gross development value of RM2.8 billion on its undeveloped land bank of 625.0 acres, which would sustain the group’s growth until 2020.

“With this in mind, we believe the group will continue to perform well in the next few years,” he said.



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HDBSVR: KLCI could hop a bit higher, boost from Wall St

KUALA LUMPUR (Jan 20): Hwang DBS Vickers Research (HDBSVR) said on the last trading day of the Year of the Rabbit, the key FBM KLCI could hop a bit higher amid positive external sentiment.

“From a technical perspective, the benchmark index will likely pull away from the support line of 1,515 ahead, possibly climbing towards the immediate resistance threshold of 1,530,” it said in its market outlook on Friday.

On Wall Street, key equity indices were up between 0.4% and 0.7% at the closing bell last night. Essentially, investors’ sentiment was lifted by a drop in jobless claims.

“While trading activity may slow a little today as investors trim their open positions ahead of the long Lunar New Year break, there will still be price actions in selected stocks,” it said.

HDBSVR said among them are CIMB, after its 93%-owned Thailand-listed subsidiary CIMB Thai Bank reported a 59% annual jump in net profit for FY Dec 11; DiGi, which has declared a tax-exempt DPS of 6.5 sen in conjunction with a strong set of results in 4Q11; and (c) Tambun Indah, in response to its corporate exercise to raise funds of approximately RM44 million via a two rights shares plus one free warrant for every five ordinary shares held based on an indicative issue price of 50 sen each.



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