Land & General

Land & General

Postby winston » Thu Aug 21, 2014 4:16 pm

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L&G on course to RM500mil market cap BY LIZ LEE

KUALA LUMPUR: Land & General Bhd (L&G)’s aim of becoming a mid to large-tier property player is near realisation as the group believes it could exceed the RM500mil market capitalisation mark before the year-end or early 2015.

The bump up has long been a goal of the company whose current market cap is RM379mil. When the current management took over six years ago, L&G’s market cap was only about RM150mil.

At that point, the group was RM200mil in debt, but since its restructuring L&G now has a gearing of 0.04 times.

The management believes that its irredeemable convertible unsecured loan stocks issued in September last year will boost the group’s market cap in time.

Managing director Low Gay Teck said that with the two sen dividend payout declared, equivalent to more than 30% of the net profit attributable to owners of the company, shareholders would likely convert all the loan stocks at 13 sen apiece to mother shares.

The dividend payout was L&G’s first since the 1990s. There is no dividend policy yet.

The group was also looking to raise its borrowings for land and project acquisitions.

“We have cash reserves of RM300mil currently but this won’t be solely for acquisitions. For new projects, we will borrow to finance our growth,” Low said at a company update and presentation of the audited results for the 2014 fiscal year.

Meanwhile, the group has three launches planned for the first quarter of 2015, on the back of a bullish property market outlook next year.

Within the next 12 months, it plans to roll out properties worth RM2bil in gross development value (GDV). The projects are the Elements2 serviced apartments in Jalan Ampang, Damansara Foresta Phase 2 apartments in Bandar Sri Damansara and its upmarket residential township Tuanku Jaafar Resort Homes in Seremban.

Low said the group hoped to firm up next year the layout plans for its 2,500-acre palm oil and rubber plantation, Ladang Sungai Jernih in Lembah Beringin.

The estimated GDV for this massive development is RM100bil, to include residential, commercial and leisure components like themed parks.

“We believe this will be our multi-year revenue generator when it is launched because it is close to the Perak Iskandar region and many other surrounding developments,” he said.

Source: The Star
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Re: Land & General

Postby winston » Thu Aug 21, 2014 4:23 pm

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L&G proposes rights issue to raise RM77.78m BY JOSEPH CHIN
Apr 9, 2013

KUALA LUMPUR: Land & General Bhd has proposed to raise RM77.78mil from a rights issue to finance the acquisition of one block of 13-storey office floors.

L&G said on Tuesday the renounceable rights issue of RM77.78mil nominal value of five-year, 1%, ICULS at 100% of the nominal value of 13 sen each.

This would be on the basis of one ICULS for every one share held. The conversion price of the ICULS is 26 sen for one new L&G share.

It said the theoretical ex-rights price of L&G shares was 37 sen each, based on the five-day volume weighted average market price of the L&G shares of 42.9 sen.

The conversion price of the ICULS of 26 sen is a discount of about 11 sen or 29.73% over the theoretical ex-rights price of 37 sen per L&G share.

As for the property to be acquired, L&G had proposed to buy the block in Putrajaya from Malaysia Land Properties Sdn Bhd for RM72.48mil.

Of the RM77.78mil to be raised from the rights issue, L&G said it would utilise RM67.05mil for the property.

Source: The Star
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Re: Land & General

Postby winston » Wed Aug 27, 2014 6:28 am

Land & General Q1 earnings jump to RM29m

KUALA LUMPUR: Land & General Bhd's earnings rose 178% to RM29.01mil in the first quarter ended June 30, 2014 from RM10.43mil a year ago, boosted by the strong performance of its property division.

It said on Tuesday its revenue increased by 70.3% to RM153.18mil from RM89.91mil while earnings per share were 4.48 sen, an improvement from 1.74 sen.

L&G said the property division reported a revenue of RM147.7mil compared with RM84.4mil a year ago while operating profit increased to RM59.7mil from RM33.9mil with 75% contribution locked in by the [email protected] which was completed subsequent to the end of the current quarter. It added the remaining results were from the progress of its Damansara Foresta project.

The education division recorded a slightly higher revenue of RM3.3mil compared with RM3.2mil a year ago while operating profit was flat at RM1.5mil.

"With the recent hike in interest rate and upcoming Goods and Services Tax (GST), the group remains cautious in its outlook for 2014/2015 in anticipation of slower growth and margin erosion arising thereon.

"Nevertheless, the group believes that it will sustain its 2014 performance in the coming quarters through its existing projects namely, the [email protected] and Damansara Foresta despite rising cost," it said.

Source: The Star
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Re: Land & General

Postby winston » Mon Sep 22, 2014 6:36 pm

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L&G to buy land in Klang Valley, Johor, Penang

KUALA LUMPUR: Land and General Bhd (L&G), with current cash in hand of RM300mil and gearing ratio of 0.17, is exploring opportunities to acquire new pieces of land.

Managing director, Low Gay Teck, said the group was eyeing land in the Klang Valley, Johor Baharu and Penang, for the development of residential areas.

On the total value of its land, Low said the group has not conduct any re-evaluation.

"The land held for development in Sungai Buloh, Tebrau and Sungai Petani , has a net book value of RM38.0mil," he told reporters after the company's annual general meeting on Monday.

Low said the company was in the midst of reviewing a few proposals for the industrial land in Johor. "For the land in Sungai Petani, we are waiting for an appropriate time to develop it," he said.

On overseas project, Low said, the group was keen to explore Vietnam in the future as part of its expansion plan, following its overseas joint venture project, Hidden Valley, in Melbourne, Australia.

On the education division, Low said the shareholders had suggested the management establish a private school with international curricular.

L&G, through its wholly-owned unit, Lang Education Sdn Bhd, planned to set up a Malaysian-based curricular school, Sekolah Sri Bestari, which included a kindergarten, primary and secondary school, he said.

"However, it is still at the planning stage, and we are considering a few options when it comes to the stages of education," Low said.

L&G's pre-tax profit for the first quarter ended June 30, 2014 increased to RM59.46mil from RM29.720mil a year ago.

Its revenue improved to RM153.184mil from RM89.914mil previously.

Source: Bernama
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Re: Land & General

Postby winston » Mon Sep 19, 2016 11:53 am

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L&G eyes club house land in Bandar Sri Damansara

BY S. PUSPADEVI

The low-profile firm sits on a cash pile of about RM500mil and has made it clear that it’s on a hunt to acquire more land to replenish its land bank.

L&G has undeveloped land with gross development value (GDV) of RM3.3bil, with unbilled sales of RM29.7mil and new developments in the pipeline in excess of RM2bil.

This would keep the company busy in the next seven to 10 years, said Low.


L&G’s net profit for the first quarter ended June 30, 2016 was down 51% to RM10.28mil on the back of more than 80% drop in revenue at RM11.9mil.


Source: The Star

http://www.thestar.com.my/business/busi ... lub-house/
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