This 100-acre RM10bil DeCentrum project is 100% owned by Protasco.
Protasco has purchased 14.4 acres of commercial land in Pasir Gudang. Earlier MIDF reported that it may launch phase 1 with GDV RM800mil next year. However, in anticipation of softening property market next year, Protasco is looking to slow down its launch in the near future.
Besides, Protasco has entered into an MoU on 28/5/14 to joint-venture with Nextnation (Nexgram) to develop a 5.9-acre mixed development in Cyberjaya. Both parties share similar shareholder in Tey Por Yee & Ooi Kock Aun. The MoU will expire in 6 months.
|FY||Net Dividend / Share (sen)|
This may not sound nice but I find that Protasco usually has negative operating cash flow in mid year, and it will turn positive at year end may be due to the billing nature of its contracts. Protasco never fail to end its financial years with positive operating cash flow since listed in 2003. So I expect it to turn positive by year end.
- 21/1/14 - Projek Perumahan Mampu Milik 1Malaysia in Manjung & Jelebu, in 18 months from date of sites possession, RM88.1mil
- 2/6/14 - Federal road zone 2A Sarawak, in 12 months, RM21mil
Protasco has proposed private placement of 50 million new shares together with 1:2 free warrants, as well as bonus issue of 1 free warrant for 10 existing shares. Total warrants issued will be 133.5mil. This exercise will increase the total paid-up share by a whopping 54.8% to 518mil if all warrants are converted to mother shares in the future.
Since the O&G venture has failed, I think Protasco's small shareholders should pray very very very hard that this corporate exercise will be called off.