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PETALING JAYA: Mah Sing Group Bhd’s shareholders approved the bonus issue of up to 151 million new ordinary shares during its extraordinary general meeting on March 23. The bonus issue was meant to reward shareholders for their continuous support and loyalty to he group.
“We have done well, achieving a compounded annual growth rate of 51% in net profit from 2002 to 2009. As such, it is timely to reward our shareholders as the marketability of Mah Sing’s shares on Bursa is also expected to improve further with an enlarged large capital base and stronger growth prospects,” said Mah Sing’s managing director, Tan Sri Leong Hoy Kum in a statement on March 23.
According to the group, it has landbank gross development value and unbilled sales of approximately RM6 billion, providing earnings visibility of approximately six to eight years.
And despite a challenging economy, Mah Sing posted RM94.3 million in net profit and sales of RM727 million for 2009, surpassing the year’s target of RM453 million by 1.6 times.
“We went on an acquisition trail in 2009 to secure land and this year will see the fruition of our efforts. Of our 25 projects, we have completed five and our launches this year will come from our remaining 20,” Leong said, adding that the sales target for 2010 is RM1 billion.
He noted that Mah Sing is on track to achieve that target, with sales for 1Q2010 hitting RM516 million, which is more than three times the RM170 million achieved over the same period in 2009.
Leong said the sales momentum in 2010 has been boosted by the launch of new projects like iParc@Bukit Jelutong, iParc@Shah Alam and Perdana Residence 2 in Selayang as well as the preview of Garden Residence in Cyberjaya.
The show units for Perdana Residence 2 have just been completed and unveiled to approximately 500 privileged guests on March 13, 2010.
“We received positive feedback on the designs, layouts and finishes and we are now eagerly looking forward to presenting the show village in Garden Residence,” he said.
Comprising 10 show houses and a sales gallery, Mah Sing targets to open the show village to the public by 1H2010, he added.
