I-Bhd announces RM100mil investment pledge from major shareholder

KUALA LUMPUR: Property group I-Bhd has announced a RM100 million investment pledge in redeemable preference shares from its major shareholder and chairman Tan Sri Lim Kim Hong.

In a statement today, the company said that the RM100 million infusion will spur the development of the remaining gross development value (GDV) of RM5 billion and also grow its RM1 billion investment property portfolio while maximising returns from assets.

It said the financial backing is geared towards expediting the property development pipeline in i-City, Shah Alm, to leverage the anticipated upswing in the property market.

"It also underscores a strong vote of confidence in i-City’s growth potential and strategic initiatives, especially with the acceleration of Malaysia’s digital agenda which extends towards digital townships,” it added.

In the past two years, I-Bhd has been rebuilding its property development roadmap that was disrupted by the pandemic and is now positioned for significant growth where unbilled sales increased to RM113 million at the end of 2023 from RM39 million in the same period in 2021.

"As such, the group is accelerating the completion of the current projects to ride the wave of the expected upturn in the property market,” I-Bhd added. - Bernama