KUALA LUMPUR (Jan 31): Sentoria Group Bhd, developer and operator of Bukit Gambang Resort City (BGRC) in Pahang, plans to invest some RM48 million in a second theme park, dubbed Bukit Gambang Safari Park, in the resort city.
"We believe that the Bukit Gambang Safari Park would be an additional attraction to pull even more visitors to BGRC, and more importantly, lengthen their stay in BGRC," Nasiruddin Nasrun, Sentoria Group head of public and investor relations, said at a press conference at the group's IPO prospectus launch on Tuesday.
The group plans to list on Bursa Malaysia some time in the first quarter of 2012.
The new theme park will be funded through internally-generated funds and will have several components. The first two components are: the "Night Jungle", which will feature nocturnal animals; and the "Foreign Village", which showcases exotic animals not seen in Malaysia. The safari park is located on 88.2 acres within Gambang's secondary jungle, and is expected to commence operation by the end of 2012.
BGRC sits on 547 acres of land, and has several components including Bukit Gambang Water Park, Aquarium Park, Adventure Land and Arabian Bay Resort, which is near completion.
According to Sentoria Group joint managing director Datuk Gan Kim Leong, the main reason for the listing is to obtain funds for the company's expansion, which is organic based.
"With a listed status, we will be able to approach potential land owners for joint ventures, and expose ourselves to the capital market," he said. "However, the main reason for the listing is for funding purposes."
Sentoria Group's IPO entails a public issue of 60 million new ordinary shares, and an off-sale of 40 million promoters' shares. Of the 60 million new ordinary shares under public issue, 20 million are allocated for public balloting, 10 million for eligible directors, employees and business associates of the group at the IPO price of 85 sen per share, and the balance of 30 million shares will be allocated for private placement at a price of 87 sen per share. The 40 million promoters' shares will be allocated for bumiputera investors approved by the Ministry of International Trade and Industry (Miti), and priced at 87 sen per share.
The IPO will raise RM51.6 million in proceeds for the group, of which RM27.7 million would be allocated for working capital; RM11.2 million for the repayment of the bank borrowings; RM9 million for the purchase of property, plant and equipment; and the balance of RM3.7 million will defray to listing expenses.
Gan said the group will continue expanding BGRC, and projects their business to grow till 2018.
The group was established in 1998, and has developed affordable housing primarily in Kuantan, Pahang.
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