Meda Inc to see new shareholder?

One of Meda Inc's completed projects is the mixed serviced apartment and commercial development known as The Arc @ Cyberjaya.

PETALING JAYA: Property developer Meda Inc. Bhd may see the emergence of a new substantial shareholder in the company, say sources. 

It is learnt that there are discussions between a prospective party and the Teoh family, whose members collectively hold  an equity stake of 31.27% in the firm. 

It cannot be determined how large a stake the buyer, who is also in the property development business, is looking to purchase. 

Currently, the single largest shareholder in Meda is Teoh Seng Aun with a 14.62 % stake while brothers, 

Datuk Teoh Seng Kian has a 11.20% stake and Datuk Teoh Seng Foo, 5.45%.

The second single largest shareholder is Datuk Tiong Kwing Hee who holds a 17.72% stake.

The Meda stock is currently trading at 44 sen, above its net tangible assets of 30 sen per share.

For its third quarter ended Sept 30, Meda reported a net loss of RM6.17mil or 1.29 sen per share on sales of RM11.mil.

Meda was listed on the Main Board of  Bursa Malaysia in 2002 and its group’s  core activities are property development and investment.

Among its completed projects include  The Summit Subang USJ, The Summit Bukit Mertajam, Aman Larkin, 10 Semantan and The Arc @ Cyberjaya.