DBhd shares climb on Seaview offer

KUALA LUMPUR: Damansara Realty Bhd’s (DBhd) shares closed at 61 sen yesterday, its highest in a year, amid news of an acquisition plan by Seaview Holdings Sdn Bhd.


The stock had surged to an intraday high of 74 sen before settling 10 sen higher than Monday’s close of 51.5 sen, with 13.4 million units changing hands.

The property and construction arm of Johor Corp (JCorp) now has a market capitalisation of RM198 million, compared with RM159 million on Monday.

Johor-based Seaview is said to have issued a letter of offer to JCorp to buy a 51 per cent stake in DBhd for RM78.9 million, or 50 sen per share.

Yesterday, JCorp president and chief executive officer Datuk Kamaruzzaman Abu Kassim said the deal would allow it to pare down its shareholding in non-core businesses.

JCorp currently holds a 64.8 per cent stake in DBhd.

“We will continue to be one of its major shareholders. The process of gradually divesting shares in non-core investments has been ongoing as part of our asset rationalisation strategy
to streamline and improve our core businesses,” said Kamaruzzaman in a statement.

JCorp’s core businesses are in the plantation, property development, healthcare and quickservice restaurant sectors.

“Given the wealth of experience of Seaview’s controlling shareholders, we believe their skills can contribute significantly to the long-term prospects and financial sustainability of DBhd,” he said.

The move is consistent with JCorp’s role to develop more capable local and Bumiputera intrapreneurs, he added.

Seaview is controlled by Datuk Daing A.Malek Daing A. Rahaman, Abd Aziz Daing Rahman and Daing Abd Rahim Daing A. Rahman.

Seaview has an authorised capital of RM20 million and a paid-up capital of RM10 million.

DBhd provides extensive property services, including integrated facility management.

It controls four companies, namely TMR Urusharta Sdn Bhd, HC Duraclean Sdn Bhd, Metro Parking Sdn Bhd and Healthcare Technical
Services Sdn Bhd (HTS).

All four companies were established through JCorp’s intrapreneur scheme.

Metro Parking is a leading parking operator with operations in Malaysia, Singapore, Brunei, the Philippines, Hong Kong and India.

HTS provides comprehensive technical services in the healthcare sector, including technical designing and technical consultancy on hospital designs.

In 2012, it managed healthcare projects totalling RM490 million.

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