Encorp banking on FIC’s strength Jul 21, 2014 UNLOCKING LANDBANK VALUE: Developer’s top priority to grow property development and construction divisions PROPERTY developer Encorp Bhd is bullish about its prospects with Felda Investment Corp (FIC) on board as the latter has valuable landbank in key cities nationwide. Its acting chief executive officer (CEO) Mohd Ibrahim Masrukin Ibrahim told Business Times that the outlook will be positive for Encorp. “Anything that comes by in the future would be promising because of FIC’s portfolio strength. We have to go back to the objective on why FIC is acquiring Encorp, which is to unlock the value of its landbank. This will definitely enable Encorp to be on the growth momentum,” he said. FIC, which is Federal Land Development Authority’s (Felda) investment arm, owns large tracts of landbank. In May, FIC acquired 49.45 per cent of Encorp from its major shareholders, Lavista Sdn Bhd and Pegang Impian Holdings Sdn Bhd. Last month, it triggered an unconditional mandatory takeover offer to acquire the remaining shares, warrants and loan stocks it did not own in Encorp at RM1.55, 55 sen and RM1.55 apiece, respectively. The offer closed on July 10. FIC now holds 72.29 per cent of Encorp, which will remain listed on Bursa Malaysia. Ibrahim said Encorp’s top priority is to focus on growing its property development and construction divisions. “We will be having the first board meeting with Encorp’s new shareholders at the end of this month to discuss various matters, including the way forward for Encorp,” he said. On whether he would head Encorp, Ibrahim said he is now holding the post of CEO on acting capacity. The actual appointment will depend on the board, which includes four members from the Felda group. They are Mohd Zaid Abdul Jalil, who is FIC’s CEO and executive director; Datuk Noor Ehsanuddin Mohd Harun Narrashid, a director of Felda, Felda Global Ventures Holdings Bhd, MSM Malaysia Holdings Bhd and Yayasan Felda; Datuk Faizoull Ahmad, chairman of Koperasi Permodalan Felda Malaysia Bhd and Felda D’Saji Sdn Bhd chairman; and Tan Sri Mohd Isa Abdul Samad, chairman of Felda, FGV, FIC and Felda Holdings Bhd.
Posted on: Mon, 21 Jul 2014 08:03:49 +0000
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