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Encorp: Appointment of three new directors ‘sparks interest’

KUALA LUMPUR (Sept 18): Excitement and gains in share price seem to have originated from the appointment last week of three new directors at the property development company Encorp Bhd, reported The Edge Malaysia.

The three appointments are Mohd Ali Abd Karim (independent non-executive chairman), Lukman Abu Bakar (independent non-executive director) and Datuk Shireen Ann Zaharah Muhiudeen (non-independent non-executive director).

The weekly stated that Shireen’s appointment “raised the most eyebrows, as being a non-independent director means that she is a nominee of the Federal Land Development Authority (FELDA), a 62.3% shareholder of Encorp”.

“She is experienced, she is on the board of FELDA, she was with a regulator, she has been with some very good companies, a couple of banks … So, of course, the expectations are high, with what she may be able to do at Encorp,” a market watcher told The Edge.

The weekly wrote that “market speculation is that she will play a prominent role in Encorp — despite being in a non-executive position — and keep an eye on FELDA’s investment in the company”.

Encorp’s key assets are the Strand Mall, a four-storey retail mall in Kota Damansara valued at RM164 million, and Red Carpet Avenue, which comprises 29 terraced shopoffices located along the side of the Strand Mall, valued at RM136.69 million.

Other properties owned by Encorp are 15 office suites and 518 parking bays in Kota Damansara valued at RM26.02 million, and 65 residential apartments, 16 retail shops and 316 parking bays in Johor Bahru valued at RM56.54 million.

Overseas, it has three apartments in Victoria Park, valued at RM14.78 million and a 2.7-acre parcel of land in North Lake Road, Cockburn Central, both in Western Australia, with a value of RM8.5 million.

In Malaysia, Encorp has parcels of land in Shah Alam, Selangor, valued at about RM23.5 million.

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