KUALA LUMPUR (Nov 28): Menang Corp (M) Bhd is looking into the acquisition of income-generating real estate assets which may include buildings in the Klang Valley to grow the property developer's net profit.
Speaking to theedgemarkets.com after Menang's annual general meeting here today, its group managing director and chief executive officer Too Kok Leng said Menang is looking into acquiring such assets to enhance the performance of the company's bottom line as the current property market downturn presents opportunities.
Too said "good property assets that are preferably income-generating" would be looked at for acquisitions. He said Menang will only look into conducting such acquisitions once it receives the cash from the disposal of non-core assets.
He said the group is negotiating over the planned disposal of two more non-core assets, which he categorised as financial assets.
"Whatever we can monetise and get the fair value, we will monetise and get the cash back, then we will concentrate on the 180ha (450 acres) [in Seremban], which is part of a big township, which we will redevelop over the next two to three years," said Too.
On the 180ha land, which is part of the Seremban 3 township development, Too said replanning has started and that the group will look at how to redevelop the site in accordance with market needs. He said the group has developed infrastructures for the land.
He said Menang will, however, not launch any properties for now.