Kamaluddin to shift Perduren’s focus to O&G-related property business

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KUALA LUMPUR (Jan 26): Perduren (M) Bhd will divest its existing property assets to focus on a possible niche area of property development and property investment businesses related to the oil and gas (O&G) industry, the company said in a filing to Bursa Malaysia today.

The decision is made by new controlling shareholders Datuk Kamaluddin Abdullah — the son of former prime minister Tun Abdullah Ahmad Badawi, and Datuk Mazlin Junid — the former president and chief executive officer (CEO) of Daya Materials Bhd. Both have extensive experience in the O&G sector.

"Whilst the joint offerors (Kamaluddin and Mazlin) have business interests and experiences in property development, they also have business interests and experiences in the oil and gas industry, from which they intend to contribute positively to the business and financial performance of the Perduren group and correspondingly, enhance the value of Perduren,” said the announcement.

"A possible niche area of property development and property investment that the joint offerors may explore, by virtue of their experiences and network in the oil and gas industry, is in oil and gas related real estate developments such as supply bases, onshore accommodation and real estate, to support the oil and gas industry," it added.

Kamaluddin and Mazlin acquired a 69.3% stake in Perduren (fundamental: 0.10; valuation: 1.8) late last year, from Tan Sri David Law’s TS Law Group Sdn Bhd, at RM1.60 per share or RM149.6 million. They subsequently launched a takeover offer to acquire the remaining 30.7% stake in Perduren for RM66.27 million cash or RM1.60 per share.

The duo had expressed their intention to maintain Perduren’s listing status, following the proposed takeover, of which the offer document was despatched today.

Shares of Perduren fell by 1 sen or 0.51% to close at RM1.95 today, with a market capitalisation of RM264.4 million. It was traded higher than the RM1.60 offer price.

(The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)