KUALA LUMPUR: Sabah-based property developer WMG Holdings Bhd plans to launch RM1.3 billion in new projects over the next few years, following its debut on the main market of the Bursa Malaysia today. The listing of WMG on the main board marks the completion of a reverse takeover of the Tekala Corp Bhd. Upon its listing, existing public shareholders of Tekala now hold about 31.3 per cent of WMG, while the vendor holds 56.3 per cent. “The long-term prospects of the property development market in Sandakan and Kota Kinabalu look promising, spurred by government spending on infrastructure projects in the state, such as the Pan Borneo Highway, which passes through Kota Kinabalu and Sandakan. Founded more than 30 years ago, WMG has a track record of completing projects with a GDV of RM2.2 billion in Sandakan and Kota Kinabalu.

Source: New Strait Times July 31, 2017 03:45 UTC