KUALA LUMPUR (Jan 25): The chairman and largest shareholder of KSL Holdings Bhd, Ku Hwa Seng, has denied talks about privatising the low-profile Johor-based property firm. "We have denied it in the past. I am still denying it," Ku told theedgemalaysia.com.
Ku's family owns over 50% of KSL, the fourth largest landbank owner in Iskandar Malaysia, with some 1,500 acres.
KSL's share price has gained as much as 15% over the past two weeks on privatisation rumours. The stock, which was flat at RM1.64 at noon today, is still trading at a steep discount to its end-September net assets per share of RM2.69.
Based on current share price, the Ku family will need to fork out more than RM300 million to take the company private. The privatisation talk came over a year after Tan Sri Syed Mokhtar Albukhary's privatisation of UM Land Bhd and Tradewinds Corp Bhd, which has landbank in Johor.
Johor has seen increased hype in its real estate market, with RM46 billion worth of property development deals signed just last month in Iskandar Malaysia.