Seacera looking for 'reputable partner' to develop Semenyih land

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BATU CAVES (April 8): Tile manufacturer Seacera Group Bhd, which diversified into construction and property development, is looking for a "reputable partner" to jointly develop Seacera's estimated 200-hectare (500-acre) Semenyih land in Selangor.

Speaking at a media briefing here today, Seacera group managing director Zulkarnin Ariffin said there is now only one "serious discussion" with a township developer, despite expressions of interest from other property developers.

The land, which Zulkarnin deems as the "main jewel", is estimated to have a gross development value of RM10 billion, which is expected to last about 15 to 20 years.

Nonetheless, he said Seacera will not discount the possibility of disposing of the land because the company lacks "expertise" in property development.

Meanwhile, Zulkarnian said one of Seacera's big plans is to clean up its books this year., adding that the company is looking to sell three of its assets outside the Klang Valley to raise some RM60 million.

Moreover, he said the group is looking to turn profitable in current financial year ending Dec 31, 2019 (FY19) on improved building material sales.

In FY18, Seacera slipped into a net loss of RM43.13 million, against a net profit of RM8.92 million a year earlier.

At 12:30pm today, Seacera shares settled down one sen or 3% to 32 sen with some 12 million units traded. The company's latest-reported net assets per share stood at RM1.76.