However, he declined to reveal how much more Naim intended to add to its equity stake in Dayang Enterprise.
Under the law, Naim can only purchase Dayang shares up to 4% in a year.
“Naim now holds about 126 million shares in Dayang worth more than RM240mil at the current price of RM1.90 per share against its investment cost of RM108mil,’’ Hasmi told StarBiz after Naim’s AGM here yesterday.
Earlier, in responding to a query from the Minority Shareholder Watchdog Group (MSWG) at the AGM as to why Naim did not disclose the market value of Dayang in Naim’s 2009 annual report, Naim chairman Datuk Abdul Hamed Sepawi said the company deemed it unnecessary to do so because there was no impairment loss to Naim’s investment in Dayang.
Based on Dayang’s closing price of RM1.73 per share on Dec 31, 2009, the market value of Naim’s investment in Dayang was RM219mil, up from RM88.7mil in 2008.
Abdul Hamed said Naim would disclose the market value of its investments in any listed associate companies in the future for the purpose of greater transparency.
Miri-based Dayang has secured more than RM600mil worth of contracts this year.
The contracts include RM400mil from Sarawak Shell for topside maintenance services, RM150mil from Petronas Carigali for hook-up and commissioning of facilities and a RM70mil workboat contract from Brunei Shell.
Hasmi said Naim had submitted a proposal to Sarawak Timber Industry Development Corp (STIDC) to jointly develop the latter’s land in Tanjung Manis in the Mukah Division for a new township.
“The proposed new township is planned for development in several phases. Phase 1 is estimated to cost about RM80mil, where 400 houses will be built,’’ he said, adding that he expected the project to get off the ground this year.
A halal hub is being developed in Tanjung Manis, which is within the Sarawak Corridor for Renewable Energy (SCORE).
Tanjung Manis has an established integrated timber complex and a deepsea fishing port.
Asked about the increased Federal Government’s allocations for infrastructure projects in Sarawak under the 10th Malaysia Plan, Hasmi said Naim was eyeing projects either through open tender or direct negotiations. Deputy Works Minister Datuk Yong Khoon Seng said last week that 2,800km of road would be built in Sarawak under the 10MP.
For the year ended Dec 31, 2009, Naim recorded a group pre-tax profit of nearly RM116mil on turnover of RM567mil.
For latest Bursa Malaysia indices, charts and other information click here
Did you find this article insightful?