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SHAH ALAM (Aug 18): Pos Malaysia Bhd, whose share price has risen 16% this month, is looking to monetise its land bank assets, said its group chief executive officer Datuk Mohd Shukrie Mohd Salleh.
He said plans are still at the earliest stages of development, but the national postal service provider has begun to identify the assets that have potential to be monetised.
"These include our properties and land, as some of them are sitting idle," he told a news conference, after the group's annual and extraordinary general meetings today.
According to Pos Malaysia's annual report for the financial year ended March 31, 2016 (FY16), the group owned parcels of land totalling 13,801 sq m in Kinta, Perak. The land parcels were revalued right before the fiscal year ended and had a net book value of RM13.86 million.
Meanwhile, Mohd Shukrie said the group has seen its courier service volume grow in double digits, which he attributed to the booming e-commerce craze in this region.
With cost-optimisation exercises and reduction of overlapping manpower between its mail and courier divisions, he expects the latter segment's margin to improve, going forward.
As at 3.35pm, Pos Malaysia shares were traded down 3 sen or 0.89% at RM3.35, with 2.42 million shares done. Its market capitalisation stood at RM1.81 billion. — theedgemarkets.com
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