KUALA LUMPUR (Jan 30): Pasdec Holdings Bhd has teamed up with a property  developer to develop its land in Bandar Indera Mahkota township in Kuantan into a residential estate.

Its wholly-owned unit Pasdec Corp Sdn Bhd has entered into a joint venture (JV) agreement with a special purpose vehicle called Sedimi Property Development Sdn Bhd to develop the 238 pieces of vacant leasehold plots with a total area of 60,049 square metres.
 
The development consists of 157 units of single-storey terrace houses under the first phase, and another 80 units of single-storey semi-detached houses under the second phase, said Pasdec in a stock exchange filing.

Sedimi Property Development is 30% owned by Tech Max Construction Sdn Bhd, 20% by Lim Chee Ling, 15% each by Chen Kim Lon, Ee Cao Xian and Ng Chee How, and 5% by Shariffah Maznee Noor Osman.

Being the landowner, Pasdec Corp is entitled to 33% of the units developed, comprising not fewer than 52 units of terrace houses and 26 units of semi-detached houses, with a total sales value of not less than RM32.43 million.

Pasdec said the JV will enable it to speed up the project without putting additional financial burden on the group, allowing it to focus on other existing and new development projects.

For the nine months ended Sept 30, 2022 (9MFY2022), Pasdec reported a net profit of RM327,000, versus a net loss of RM4.71 million in 9MFY2021, despite revenue declining 39% to RM18.29 million from RM29.84 million.

The group’s cash and bank balances stood at RM25.7 million at the end of 9MFY2022, up from RM19.72 million as at end-FY2021.

Pasdec’s executive deputy chairman Datuk Seri Tew Kim Thin is the group’s largest shareholder with a 0.13% direct interest and 46.8% indirect interest, followed by the Pahang government with a 26.6% stake via Perbadanan Kemajuan Negeri Pahang.

Shares of Pasdec closed unchanged at 36 sen on Monday, giving the group a market capitalisation of RM144.13 million.