A company in which SEGi Group founder Tan Sri Clement Hii Chii Kok has a 20 per cent stake, has in total about 270 million mother shares and 30 million warrants.
It plans to issue new stock warrants of up to 50 per cent of the total 270 million mother shares, the source said. This means there will be 135 million new stock warrants. Of those, 10 per cent, or 13.5 million, will be allocated for existing warrant holders.
The current management is building the company slowly and returning it to profit. It is buying properties and plans to launch three projects over the next 15 months from July 2013.
SYF is launching Semenyih Hi-Tech 6 and Kiara Plaza in Semenyih and a residential project in Sungai Long, both in Selangor, worth a combined RM220 million. The company ventured into property development recently with the launch of Semenyih Hi-Tech 5 in Semenyih.
SYF is expected to sustain its profitability for 2013, supported by additional income from its property development activities.
The company posted a net profit of RM50.7 million for the financial year ended July 31 2012, after five consecutive years of losses. For the nine months ended April 30 2013, SYF registered a net profit of RM11.21 million.
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