I-Berhad is set to focus on developing Finance Avenue in i-City with the opening of the economy after a challenging two years of Covid-19 pandemic.
The property developer cum theme park operator said the past two years had been very challenging for the group as the measures imposed by the authorities to control Covid-19 had derailed the Group’s plan to be a billion-ringgit market cap company.
“The earnings for the past two years were marginal as the various revenue generating activities in i-City had slowed down. Prior to the Covid-19 pandemic, the group recorded a profit before tax of RM72.6 million for the financial year ended 31 December 2019,” it said.
All this is set to change with the opening of the economy. Signs of this is evident with the number of visitors to the City of Digital Lights hitting an all-time high during the recent Hari Raya long holidays.
“With the more than RM1 billion worth of net assets, I-Berhad is at a strong position to achieve the billion-ringgit market cap company. The Group will continue to focus on property, leisure and property investment with the upcoming DoubleTree by Hilton hotel, International Convention Centre, Premium offices, retail suites (to be allocated for banks/financial institutions) and BeCentral residential, all of which are located in the Finance Avenue in i-City,” it added.
The group had secured Maybank as the anchor tenant with 1,500 staff relocating from their headquarters in Kuala Lumpur to Mercu Maybank corporate tower that is also located in Finance Avenue in i-City.
“The opening of the economy and gradual opening of international borders will also benefit DoubleTree by Hilton i-City with the hotel slated to open in Q3, 2022.
“Furthermore, the RM650 million GDV BeCentral Residence apartment building located in Finance Avenue in i-City at the launchpad has also attracted positive interest,” it said.
To fund the various activities so that it can resume its double digits profit growth, the Group is proposing to extend the Redeemable Convertible Unsecured Loan Stocks (RCULS) that is due in August this year.
“A continuous pipeline of property development projects as well as a steadily increasing number of visitors to the theme park and shopping mall contributed to the success of I-Berhad prior to Covid-19.
“We are now rebuilding the development pipeline and investing in new rides and attractions to attract the crowd. The RCULS extension will ensure that we have the funds to get back on our growth track,” said I-Berhad chairman Tan Sri Lim Kim Hong.
