KUALA LUMPUR, 24 August 2016 – Hua Yang Berhad (Hua Yang or the Group) received full approval today from its shareholders for the resolutions put forward during the Annual General Meeting (AGM) at their Head Office, located at Medan Selayang, Selangor.
At an Extraordinary General Meeting (EGM) held following the AGM, shareholders also passed a resolution to undertake a bonus issue on the basis of one bonus share for every three existing Hua Yang shares held on an entitlement date to be determined. This proposed bonus issue will give existing shareholders a greater participation in Hua Yang’s equity without further capital investment. It will also serve to improve the liquidity and marketability of the Group’s stock.
Ho Wen Yan, Chief Executive Officer (CEO) of Hua Yang said, “In the upcoming financial year, we will focus on the timely launches of our projects, improving operational efficiencies and maintaining a healthy balance sheet. We will also continue to be on the look out to replenish our landbank, placing an emphasis on established and matured areas that possess ready infrastructure and good accessibility.”
The Group has plans for RM721 million worth of new launches for the 2017 financial year. In addition to introducing new phases at its townships, Hua Yang will be unveiling Astetica Residence, a RM368 million project in Serdang, Selangor and the Group’s maiden RM311 million project in Prai, Penang called Meritus Residensi.
“The demand for affordable housing remains strong, and we have established a strong niche in this market segment. As we move into the new financial year, we will remain focused on tapping the potential in the affordable housing segment to deliver our long-term growth.”
Hua Yang concluded its FY2016 with a profit after tax (PAT) of RM110.1 million, a marginal decrease from RM110.6 million recorded last year. This results came on the back of a revenue of RM575.7 million compared with RM583.6 million reported a year ago.
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