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Categories
| S P Setia gets PNB nominees on board |
| Business & Market 2009 | |||
| Written by Isabelle Francis | |||
| Friday, 19 June 2009 11:50 | |||
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The company announced the appointments of Tan Sri Wan Mohd Zahid Mohd Noordin and Datuk Noor Farida Mohd Ariffin as its new non-independent and non-executive directors. In its filing to Bursa Malaysia yesterday, the company said the individuals are the nominees of PNB, a major shareholder of S P Setia with an interest just below the takeover threshold of 33%. PNB owns 27% of S P Setia, of which 6.53% is direct interest and 20.47% held via Skim Amanah Saham. Wan Mohd sits on the board of PNB, Amanah Saham Nasional Bhd, Perbadanan Usahawan Nasional Bhd, Sime Darby Bhd, PNB Capital Holding Bhd and Amanah Mutual Bhd. Separately, S P Setia said Teow Leong Seng and Khor Chap Jen resigned as executive directors. However, both remain with the company. Khor assumes the role of executive vice- president in charge of property division (central) while Teow assumes the role of executive vice-president and CEO of international /business development. It is worth to note that PNB also controls other property firms. The appointment of PNB directors marks for the first time the presence of the nominees from the entity which manages the national unit trust in Malaysia’s leading property developer. In the past months, there has been speculation of PNB consolidating its various property interest into S P Setia. PNB controls three property developers — Island & Peninsular Bhd, Petaling Garden Bhd and Pelangi — all privatised between 2005 and 2007. Apart from that, it also has substantial stakes in property developers such as Mah Sing Bhd and I-Bhd. PNB also indirectly controls Sime UEP Properties Bhd, a unit of Sime Darby Bhd in which the former has a 53% equity stake. In a separate statement yesterday, S P Setia said earnings fell 15% to RM40.52 million in the second quarter ended April 30, 2009 from RM47.99 million the previous corresponding quarter. The property player said revenue rose 3% to RM310.48 million from RM301.5 million. Earnings per share was 3.98 sen from 4.72 sen. For 1H09, its net profit dropped 26% to RM71.69 million from RM96.52 million a year earlier while revenue was 6% lower at RM570.4 million from RM 605.17 million. S P Setia said its profit and revenue were mainly derived from its property development activities in the Klang Valley, Johor Bahru and Penang. It noted that the previous corresponding period saw an inclusion of profit from the disposal of a piece of land in Kuala Lumpur to Aeon CO (M) Bhd amounting to RM26 million. The company said the group’s total sales stood at RM803 million as at June 2009. Based on these numbers, it is confident of achieving its target of RM1.1 billion sales in FY09. This article appeared in The Edge Financial Daily, June 19, 2009.
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