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UEM Land aims for end-November listing




UEM Land Bhd is on track to be listed on Bursa Malaysia by end-November as the UEM group-wide restructuring exercise is nearing completion, managing director Wan Abdullah Wan Ibrahim said.

In February, UEM group announced its restructuring plan where UEM World Bhd, the parent of UEM Land, will distribute all its shares in four listed companies - UEM Builders Bhd, Pharmaniaga Bhd, Opus Group Bhd and Cement Industries Malaysia Bhd - to its shareholders.

The plan entails UEM Land taking over the listing status of UEM World, to emerge as a more focused property player.

UEM World, meanwhile, which will suspended from trading from early next month, will end up as a RM2 dormant company.

Speaking after the signing of a subscription and joint venture agreement with United Malayan Land Bhd in Kuala Lumpur yesterday, Wan Abdullah said whether the UEM Land shares trade at a premium value or not upon listing, the real strategy now is to float its securities in line with its business expansion plans.

"Khazanah (Khazanah Nasional Bhd) has big plans for UEM Land and will place it under its stable, positioning it as one of the bigger property developer," he told reporters.

UEM World chairman Tan Sri Dr Ahmad Tajuddin Ali had earlier said that UEM Land will expand its landbank via acquisitions beyond Nusajaya in Johor to other parts of the country and offshore.

UEM Land has 9,712ha of land in Nusajaya, a key driver of the Iskandar Malaysia region.







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