Matrix Concepts expects stronger performance, approves bonus issue

SEREMBAN: Leading Negeri Sembilan property developer Matrix Concepts Holdings Bhd is expecting a stronger performance in its financial year ending March 31, 2018, on the back of resilient demand for its new property launches.

According to the company's press release issued on Wednesday, the total gross development value (GDV) of the group’s ongoing projects is expected to significantly exceed the RM1.9 bil reported at the end of the last financial year ended March 31, 2017.

With an average take-up rate of more than 70% and positive buyer feedback, Datuk Haji Mohamad Haslah bin Mohamad Amin, chairman of Matrix Concepts, says he is confident of achieving a new launch target of RM1.4 billion in FY2018.

The new launches in FY2018 comprise mainly of residential homes in Bandar Sri Sendayan and Bandar Seri Impian.

The group also recently announced the acquisition of 132 acres of land in Mukim Jimah, Port Dickson, for RM57mil. 

Located adjacent to the group’s Bandar Sri Sendayan township, the purchase is expected to be completed in November 2017 and would increase the group’s undeveloped land bank to approximately 1,550 acres, to last until 2027.

Shareholders have also approved the bonus issue of one bonus share for every four Matrix Concepts shares at the Annual General Meeting. 

The exercise is expected to be completed at end-2017, and would see the issuance of up to 163.9 million new ordinary shares and up to 13 million additional warrants to existing warrant holders.

The corporate exercise, together with an assumed conversion of all new and existing warrants and employee share options, would increase the group’s share capital up to a maximum of RM945.1mil comprising 819.7 million shares, from RM577.6mil comprising 574.4mil shares currently.