Thursday, March 5, 2015

About Jiankun

Loss making property developer is banking on four development projects in the Klang Valley in the first half of 2015 to return to profitability in its current financial year ending Dec (FY2015).

It is now (Feb 2015) negotiating with a few companies and land owners to jointly develop several residential and commercial developments in the Klang Valley.

Its ED is Datuk Donald Lim Siang Chai who is also the deputy finance minister between 2010 and 2013.

It is looking at Puchong and Balakong and some terraced house projects.

Its cash and cash equivalents stood at rm25 million as at end 2014, does not have any land bank in the country at the moment and is talking to several land owners to acquire some parcels.

Lim also headed three public listed companies before Jiankun – Lim Kim Hau Holdings, Rahman Hydraulic Tin Bhd and PJI Holdings Bhd – expects Jiankun to turn around in FY2015.

Jiankun has been suffering losses since 201 on the back of falling revenue. It bucked the losing trend in FY2013 with a net profit of rm4.64 million which was largely due to a revaluation gain of rm11.09 million from its investment properties. For the cumulative nine months ended Sept 2014, it lost rm1.64 million.

The group had carried out a restructuring exercise at end 2014 to cut losses and clean up its balance sheet to obtain financing for the group to move forward.

Lim holds a 9.23% stake in the company as at Feb 17 2015.

Jiankun is actually the namesake of Chinese property development firm Jiankun Intl China Ltd, which holds about 3% equity stake in the company which it intends to increase soon.

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Please note that all data given are merely blogger's opinion. It is strongly recommended that you do your own analysis and research before investing.