By Sharen Kaur
sharen@nstp.com.my
Published in NST on November 1 2011
Kuala Lumpur: Datuk Raymond Chan Boon Siew, the controlling stakeholder of Sagajuta (Sabah) Sdn Bhd, plans to inject several assets into Harvest Court Industries Bhd in a bid to turn around the company.
Cash-rich Sagajuta currently has three ongoing projects worth a combined RM1.7 billion. They are 1 Sulaman and 1Likas, and 1Gateway in Klang.
The group' core asset is the RM1.2 billion 1Borneo complex, the first and largest lifestyle hypermall in Kota Kinabalu.
1Borneo consists of a 1.5 million sq ft hypermall, four hotels, four residential towers, shop offices and a recreational park.
Sagajuta's other developments are Mutiara Heights and Mutiara Idaman in Penang, Ujana Kingfisher Park and Warisan Square in Kota Kinabalu.
Asked on his plans for Harvest Court, Chan was coy in his answer.
"We have not decided what to do with Harvest Court but the immediate plan is how to grow the company and make it profitable. It is still too preliminary to say anything now as we just came on board," Chan told Business Times via a telephone interview.
Sagajuta chairman Mohd Nazifuddin Mohd Najib and Chan were appointed to the board of Harvest Court effective October 28 2011.
Port Klang-based Harvest Court, which makes high value-added timber finished products, posted a net loss of RM2.7 million on revenues of RM6.4 million in fiscal 2010.
For the first half of 2011, its net loss was RM678,000 on a turnover of RM6.1 million.
Harvest Court shares rose 0.5 sen yesterday to close at 40.5 sen on a volume of 16.5 million shares.
The stock's average volume for the past four weeks was 37.05 million with a price range of between 20.5 sen and 43 sen.
sharen@nstp.com.my
Published in NST on November 1 2011
Kuala Lumpur: Datuk Raymond Chan Boon Siew, the controlling stakeholder of Sagajuta (Sabah) Sdn Bhd, plans to inject several assets into Harvest Court Industries Bhd in a bid to turn around the company.
Since emerging as a substantial shareholder in Harvest Court with a 13.85 per cent stake in the company, there has been some related-party transactions (RPTs) between Sagajuta and Harvest Court.
A filing to Bursa Malaysia shows that Harvest Lumber Sdn Bhd, a wholly-owned unit of Harvest Court Industries Bhd, won a contract worth RM7.03 million from Sagajuta to supply door leaves for its 1 Sulaman and 1 Likas projects in Kota Kinabalu, Sabah.
To recap, Chan's Sagajuta rose to prominence after it was linked to a reverse takeover of Jerneh Asia Bhd, which is 37 per cent owned by Robert Kuok. The talks in the end fell through due to a disagreement over defini-tive terms.
There has been speculation that since then, Chan has been looking for another listed vehicle to inject his assets.
A filing to Bursa Malaysia shows that Harvest Lumber Sdn Bhd, a wholly-owned unit of Harvest Court Industries Bhd, won a contract worth RM7.03 million from Sagajuta to supply door leaves for its 1 Sulaman and 1 Likas projects in Kota Kinabalu, Sabah.
To recap, Chan's Sagajuta rose to prominence after it was linked to a reverse takeover of Jerneh Asia Bhd, which is 37 per cent owned by Robert Kuok. The talks in the end fell through due to a disagreement over defini-tive terms.
There has been speculation that since then, Chan has been looking for another listed vehicle to inject his assets.
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The group' core asset is the RM1.2 billion 1Borneo complex, the first and largest lifestyle hypermall in Kota Kinabalu.
1Borneo consists of a 1.5 million sq ft hypermall, four hotels, four residential towers, shop offices and a recreational park.
Sagajuta's other developments are Mutiara Heights and Mutiara Idaman in Penang, Ujana Kingfisher Park and Warisan Square in Kota Kinabalu.
Asked on his plans for Harvest Court, Chan was coy in his answer.
"We have not decided what to do with Harvest Court but the immediate plan is how to grow the company and make it profitable. It is still too preliminary to say anything now as we just came on board," Chan told Business Times via a telephone interview.
Sagajuta chairman Mohd Nazifuddin Mohd Najib and Chan were appointed to the board of Harvest Court effective October 28 2011.
Port Klang-based Harvest Court, which makes high value-added timber finished products, posted a net loss of RM2.7 million on revenues of RM6.4 million in fiscal 2010.
For the first half of 2011, its net loss was RM678,000 on a turnover of RM6.1 million.
Harvest Court shares rose 0.5 sen yesterday to close at 40.5 sen on a volume of 16.5 million shares.
The stock's average volume for the past four weeks was 37.05 million with a price range of between 20.5 sen and 43 sen.
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