KUALA LUMPUR (October 3): Malton Bhd, the flagship company of tycoon Tan Sri Desmond Lim Siew Choon, has teamed up with Hong Kong-listed cinema operator and property development firm Nan Hai Corp Ltd to bid for a property project in Taipei, the capital city of Taiwan.
In a filing with Bursa Malaysia yesterday, Malton said the two companies submitted the bid to the Taipei City authorities on Monday for the construction of the superstructure of the complex. Nan Hai will hold an 80% interest in the bid while Malton will hold the remaining 20% interest.
Details on the gross development value and how Malton will finance the massive development abroad were not revealed in the announcement.
The project involves the development of a high-rise multipurpose complex comprising hotel, retail and prime office space above the airport express train station that has a base area of approximately 31,700 sq m. This complex will have direct access to the Taipei City station of the express rail service to the Taoyuan International Airport.
Malton’s share price has been on a downward slope this year. Year to date, the property stock has declined 44%. It closed at 52.5 sen yesterday, giving the company a market capitalisation of RM277 million.
This article first appeared in The Edge Financial Daily, on Oct 3, 2018.
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