Hap Seng may spin off property unit

KUALA LUMPUR: Hap Seng Consolidated Bhd may consider spinning off its lucrative property arm into a separate listed entity, similar to the exercise being undertaken by plantation giant IOI Corp Bhd, according to group managing director Datuk Edward Lee Ming Foo.

“That is always an option. We have not ruled it out,” he told journalists after several shareholder meetings yesterday, adding that the company is currently beefing up its landbank.