Thursday, May 19, 2011

UOA Development plans projects with RM8b GDV

KUALA LUMPUR: UOA Development Bhd which is targeting to list on the Main Market of Bursa Malaysia on June 8, is planning to undertake 30 projects with a gross development value of RM8 billion.

Its chief operating officer of development David Khor said on Thursday, May 19 the company had 30 projects in the pipeline of which 65% would be in Bangsar South.

The company will focus on rolling out the projects in the next seven to 10 years, though it will begin to emphasise on residential PROPERTIES [].

"At the moment commercial properties make up 60% of our portfolio, another 40% is residential.By next year, we hope to turn this ratio to 70:30,"said Khor at the launch of the prospectus.

The listing exercise of UOA Development includes an offer for sale of up to 407 million existing shares of 5.0 sen each.

Of the 407 million shares there would be an offer for sale of 120 million ' of which 50 million shares would be offered to local and foreign institutions to be determined via a book building exercise and 70 million shares to the public at an indicative retail price of RM2.90 per share.

There will also be a public issue of 287 million new shares to the Malaysia and foreign institutional and selected investors approved by the Ministry of International Trade and Industry.

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