KUALA LUMPUR: Dutaland Bhd
, which in August triggered the criteria of having an insignificant business or operations, has received a waiver from Bursa Malaysia from being classified as an affected listed issuer.
In a filing with Bursa Malaysia on Thursday, the plantation and property development group said it was in a strong position currently with net assets exceeding RM900mil and minimal borrowing of RM2.2mil as at June 30.
“The group intends to monetise and unlock the value of the assets it owns,” it added.
Among others, DutaLand had informed Bursa Malaysia in its application that the plantation division’s revenue for the financial year ended June 30, 2016 (FY16) was affected by the El Nino phenomenon. This resulted in the fresh fruit bunches production dropping by 14,293 tonnes or 14%.
As for the property division, it said the market condition as well as the tightening of financing facilities by banks had impacted the market demand for properties.
DutaLand had also told the regulator about the steps that the group was taking to improve its performance. Among others, a new commercial project has been launched at the Oakland Commercial Centre in Seremban.
The group is also reviewing the business plans for the Kenny Heights project in Sri Hartamas/Mont Kiara, Kuala Lumpur, and the Duta Grand Hotel mixed development project at the intersection of Jalan Sultan Ismail and Jalan Ampang.
In addition, DutaLand said, the group was evaluating a proposal to construct a palm oil mill at the 29,599 acres oil palm estates located in Sandakan, Sabah.
DutaLand triggered the criteria of paragraph 8.03A(2) of the Main Market Listing Requirements as the group’s revenue is 5% or less of its issued and paid-up capital based on itss latest unaudited financial results for FY16, as announced on Aug 29.
The DutaLand group achieved revenue of RM37.8mil for FY16, which was about 4.5% of its paid-up capital of RM846.12mil.
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