KUALA LUMPUR: AMDB Bhd will be looking to expand its horizon by securing more upmarket property projects in the Klang Valley, Penang and Johor Baru, following the launch of its Bayu Mutiara development in Penang.

Deputy chairman Datuk Azlan Hashim said the 64-acre development, worth about RM300mil, had been receiving good response since its launch in May last year, particularly shophouses, which were fully taken up.

The company will also be tendering for a 300-megawatt coal-fire power plant construction job in Sabah with a partner. The construction is estimated to cost around US$300mil.

Azlan said AMDB was due to announce tenders for the construction of its four mini-hydro electricity-generating plants worth a total of RM110mil next week. Two of the plants are in Pahang and two in Sabah.

The company, he said, was also looking to sell off assets worth RM200mil that included land and resorts, if the right price came along.

At the EGM, shareholders approved the disposal of 13 parcels of office lots in Bangunan AMDB by AMDB subsidiary, Kompleks Damai Sdn Bhd, to AmAssurance Bhd. The sale will reduce AMDB's gearing from 0.55 to 0.53.

Source : The Star 20/1/2006