KUALA LUMPUR: A leading property developer in Penang, Tambun Indah Land Bhd is finalising the acquisition of two pieces of land in the northern state to add to its current landbank of more than 200 acres while planning to venture into the Klang Valley in the near future.
Tambun Indah managing director Teh Kiak Seng said the group had identified a piece of land in Penang island measuring over four acres with estimated gross development value (GDV) of RM170 million as well as another piece of land with similar size in the mainland with a much lower GDV of RM8 million.
He said the group hoped the acquisitions could be completed in the next few months.
"We are actually looking at land all the time. It is important to get quality land so that you can be visible and get good return for it," he said during the launch of the group's prospectus for its initial public offering on Wednesday, Dec 29.
Tambun Indah's IPO involved a public issue of 32 million new ordinary shares of 50 sen each comprising of 11.05 million new shares for application by the Malaysian public, another 11.05 million shares for application by eligible directors, employees and business associates as well as 9.9 million new shares for application by investors via placement at an issue price of 70 sen apiece.
The group is also offering to sell 22.1 million ordinary shares of 50 sen each for application by bumiputera investors. It is expected to be listed on the Main Market of Bursa Malaysia Securities on Jan 18, 2011.
Tambun Indah managing director Teh Kiak Seng said the group had identified a piece of land in Penang island measuring over four acres with estimated gross development value (GDV) of RM170 million as well as another piece of land with similar size in the mainland with a much lower GDV of RM8 million.
He said the group hoped the acquisitions could be completed in the next few months.
"We are actually looking at land all the time. It is important to get quality land so that you can be visible and get good return for it," he said during the launch of the group's prospectus for its initial public offering on Wednesday, Dec 29.
Tambun Indah's IPO involved a public issue of 32 million new ordinary shares of 50 sen each comprising of 11.05 million new shares for application by the Malaysian public, another 11.05 million shares for application by eligible directors, employees and business associates as well as 9.9 million new shares for application by investors via placement at an issue price of 70 sen apiece.
The group is also offering to sell 22.1 million ordinary shares of 50 sen each for application by bumiputera investors. It is expected to be listed on the Main Market of Bursa Malaysia Securities on Jan 18, 2011.
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