KUALA LUMPUR: I-Bhd is raising up to RM150 million from a rights issue of three-year convertible cumulative preference shares.
The proceeds will be used for its property investment and hospitality portfolio and growing its property development segment.
The company’s on-going property development projects including corporate office tower and DoubleTree by Hilton Hotel as well as luxury residential tower, 8Kia Peng @ KLCC will be the recipients of the proceeds.
I-Bhd executive chairman Tan Sri Lim Kim Hong as quoted in New Straits Times said the company is gearing themselves up for their next growth trajectory with progress of the RM1 billion investment property programme on track.
I-Bhd said the rights issue would provide shareholders further avenues to participate in its prospects and future growth while receiving fixed dividends on the redeemable cumulative convertible preference shares.
The group had earlier announced its plans to build up its investment properties and hospitality portfolio worth about RM1 billion, which aimed at providing a strong recurring income stream.
I-Bhd expects that over the next five years, the portfolio would increase by up to RM 300 million from the development and completion of the Double Tree by Hilton hotel, the associated convention centre, as well as the Grade A and GBI-rated corporate office tower and an additional 3,000 car park bays.
Source: New Straits Times