Wednesday, July 6, 2011

Gabungan AQRS gets SC nod to list on Bursa

KUALA LUMPUR: Engineering and property based Gabungan AQRS (AQRS) has been given the nod by the Securities Commission to list on the Main Market of Bursa Malaysia Securities Bhd.

The company, which is an enlarged group of four main building, civil engineering CONSTRUCTION [] and property development companies will make a public issue of 62 million new shares of with par value of 25 sen each and an offer for sale of 30 million new shares with par value of 25 sen each enroute to listing.

In a statement Wednesday, July 6, AQRS said that as part of the listing exercise, it would acquire the entire issued and paid up capital of building and civil engineering construction companies Gabungan Strategik Sdn Bhd, Pembinaan Megah Ikhlas Sdn Bhd and Motibina Sdn Bhd as well as property development company AQRS The Building Company Sdn Bhd for RM73.38 million which will be satisfied through a share swap.

It said the integrated group was streamlined into two distinct divisions with construction being the core activity and property development, the complementary activity.

Meanwhile, wholly-owned subsidiaries Gabungan Strategik, Megah Ikhlas and Motibina make up the construction division while the other wholly-owned subsidiary, AQRS, helms the property development division, it said.

Gabungan Strategik's two property development associate companies, Grand Meridian Sdn Bhd and Nusvista Development Sdn Bhd, are wholly-owned subsidiaries of AQRS.

Grand Meridian and Nusvista make up the property division together with AQRS and AQRS' wholly-owned subsidiary Bright Reach Sdn Bhd and its 64%-owned Crystal Aspect Sdn Bhd.

AQRS chief executive officer Alvin Ng Chun Kooi said the company was essentially a synergistic integration that merged the resources, experience, expertise, skills and strengths of companies that have individually and independently carved their own niche and built their own success.

'As an enlarged group with extensive exposure and depth of experience in particular construction, AQRS is therefore well positioned to seize the opportunities available in the construction and property development industries in the country.

'Our public listing is therefore timely for us to capitalise on our synergistic benefits and economies of scale to ride on the wave of the exciting and promising prospects that construction and property development offer,' he said.

Ng said AQRS, having the ability to tap the capital market following the public listing, would be able to further expand and propel itself to a new level of growth and success.

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