| PULAI Springs Resort Bhd (PSRB), owner of the internationally acclaimed resort of the same name in Johor Baru, is set to be the first purely resort operator to be listed on the main board of the KLSE when it makes its debut on Nov 8. The exercise will comprise of an offer for sale of 29.47 million shares to approved bumiputra shareholders, 10.77 million shares to public investors through private placement, 3.5 million shares to eligible directors, employees and suppliers and 2.5 million shares to the public at an issue price of RM1.30. Proceeds from the public issue, estimated at RM21.8mil, will be used to part finance the construction of a 300-unit service apartment block (RM6mil), the construction of a leisure and entertainment centre known as Damai Village (RM10mil), and for working capital and listing expenses. Proceeds from the offer for sale, amounting to RM38.3mil, will accrue to the offeror, PSC Resort Private Ltd, a subsidiary of Provisions Suppliers Corp Ltd, which is listed on the Singapore Stock Exchange. In a press briefing in conjunction with the release of its prospectus in Kuala Lumpur yesterday, managing director Datuk Chua Jui Leng said PSRB was positioning itself to be an integrated leisure and recreational operator in Malaysia as well as in the region. ''Our vision is to be the most well known leisure company in Asia,'' he said. Other than Pulai Springs Resort, PSRB also has another subsidiary, Wawasan Maharani Sdn Bhd (WMSB), which is involved in investment holding and property development. Chua said the company’s future income stream would depend on the resort’s operational income, management of other clubs and resorts, sale of service apartments and also the acquisition or development of other clubs. He said PSRB recently took over the management of Kukup Golf Resorts in Kukup, near Pontian, and is also negotiating with Prolink Development Sdn Bhd to jointly develop a resort on the latter’s property. He added that the service apartments would be leased from the purchasers to be used as hotel rooms, in addition to the current 23-room Anugraha boutique hotel. Through WMSB, the group planned to develop residual premium land surrounding the golf resort, which has been approved for over 900 units of tropical resort housing accommodation. PSGR, which started operations in 1994, has posted a steady growth in operational revenue, achieving RM25.6mil for the financial year ended Dec 31, 2001. It is also on track to achieve the after-tax profit target of RM13.95mil the year ending Dec 31, 2002. Source : The Star 1/10/2002 |
