This is the seventh major construction job secured by IJM just before closing financial year 2018.
Brookvale Park, in Singapore for S$530 million.
Bina Puri Holdings Bhd’s financial year ended Dec 31, 2016 (FY16) core profit of RM12.9 million came in within expectation, accounting for 102.5% of our full-year forecast. Year-on-year, its FY16 core profit surged 42.1% despite the top line was 17.8% lower at RM1.05 billion.
Sentoria Group Bhd achieved record sales in the financial year ended Sept 30, 2016 (FY16), with new property sales leaping 144% to RM228.5 million.
Excluding the share of loss from reclassification of holding in KL-Kuala Selangor Expressway Sdn Bhd from investment to associate, Bina Puri Holdings Bhd’s first financial quarter ended March 31, 2016 (1QFY16) core net profit of RM2.3 million came in below expectations, accounting for 17.5% of our full-year forecast. The variance was mainly due to slower-than-expected construction and property development progress and lower-than-expected property margin.
The proposed acquisitions will be funded via a combination of cash and new IOI Property Group shares at an issue price of RM2.21 per share.