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News Updates & Article sharing

Hextar mulls acquisition of stake in PJ mall

10/23/2021

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AGROCHEMICAL company Hextar Global Bhd is exploring an entry into the retail scene through the acquisition of a stake in the yet-to-be-completed Empire City Damansara Mall in Petaling Jaya, Selangor, sources say.

It is understood that Hextar, in which businessman Datuk Ong Choo Meng has combined direct and indirect interests of 69.02%, could buy a “substantial stake” in the mall and that an announcement on the matter may be made soon.

The RM500 million mall is part of the larger Empire City Damansara (ECD1) project — which has a gross development value of RM5 billion — developed by Mammoth Empire Holdings Sdn Bhd (MEH). The project also comprises hotels, offices and apartments.

MEH was founded by low-profile businessman Datuk Sean Ng Yee Teck and his partner Datuk Danny Cheah. It also developed Empire Hotel and Empire Shopping Gallery in Subang Jaya.

Details of the deal remain sketchy but it is learnt that the parties have been negotiating a deal for over three months and talks are now at an advanced stage.

Empire City Damansara Mall, located along Lebuhraya Damansara-Puchong, has a net lettable area of 2.5 million sq ft. It is understood that its value now is about RM500 million. The new opening date for the partially completed mall is expected to be 2023. “The mall will be operated by MEH,” a source tells The Edge.

When contacted for confirmation, Ong, who is the executive director of Hextar, declined to comment.

This is not Ong’s first retail foray. He recently emerged as the substantial unitholder of retail asset-focused KIP Real Estate Investment Trust (KIP REIT), which owns a portfolio of seven malls and has RM808 million in assets under management. Ong has a 20.087% stake in the REIT.

Last month, The Edge reported that his entry into KIP REIT will allow him to act as a sponsor, and potentially inject his portfolio of factories and warehouses under his other businesses into the REIT. Ong’s business ventures are diversified and include glove manufacturing, furniture, and plastic and industrial products.

Meanwhile, Hextar, which is involved in the entire agrochemical supply chain, from research and development to manufacturing and distribution, announced that it was also looking to establish a Syariah-compliant digital bank. In July, together with Fass Payment Solutions Sdn Bhd’s SPV Ihsan Equit Sdn Bhd, it entered into a consortium agreement with Dagang NeXchange Bhd’s major shareholder, Arcadia Acres Sdn Bhd.

In the first half ended June 30, 2021, Hextar posted a net profit of RM18 million on the back of RM213.52 million in revenue. This compares to a net profit of RM20.56 million and revenue of RM205.28 million achieved a year ago. In the financial year ended Dec 31, 2020, Hextar posted a net profit of RM44.48 million and revenue of RM418.64 million.

It is unclear how Hextar plans to finance the purchase. As at June 30, 2021, its total short- and long-term borrowings stood at RM106.07 million. It also had cash and cash equivalents of RM28.89 million as at June 30.

As for MEH, this is not the first asset it has sold in recent years. In the past, it had disposed of several of its commercial assets and land to pare down debts and for working capital. In 2017, the Empire Shopping Gallery was sold to Pelaburan Hartanah Bhd (PHB) for RM570 million cash, with a call option to buy back the mall on the fifth anniversary of the sale. MEH also has the right of first refusal should PHB decide to dispose of the asset within five years. MEH currently operates this mall.

In 2019, MEH sold the four-star Wolo Bukit Bintang in Kuala Lumpur to HYM Group for RM115 million. In the same year, the company offloaded its 61-acre tract of land in Damansara Perdana, Selangor, to Exsim Development Sdn Bhd for RM760 million. The parcel was originally earmarked for the development of ECD2. Exsim also purchased another 4.5 acres adjacent to ECD1.

Apart from the land purchase, Exsim also entered into an agreement with MEH to complete several of the outstanding developments within ECD1. MEH, which at the time had decided to wholly own and operate the mall, is now selling a portion of it to Hextar. MEH is understood to still be in control of two hospitality components — McGuffin Hotel and Autograph.

On Friday, shares of Hextar closed at RM1.25, valuing the company at RM1.6 billion.

Article Refer from www.theedgemarkets.com/article/hextar-mulls-acquisition-stake-pj-mall
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  • Home
  • New Property Launch
    • Best Investment 2022 PJ Damansara Low Risk Low Entry Price High ROI
    • 2022 PJ Rumah Mampu Milik RM270k Damansara
    • Bangsar South 2 Rooms from RM390k BELOW Market Price
    • 10% ROI PJ Project near Ikea and One Utama Mall
    • Mid Valley Seputeh New Launch
    • Pavilion Damansara Heights 柏威年 白沙罗岭 马来西亚 吉隆坡 精选楼盘
    • 马来西亚RM300千的PJ屋子-首购族,年轻人月入3千能买房
    • 2021 Penang Most Awaited Project
    • 2021 New Launch - KL Metropolis
    • 2021 PJ Spacious and Affordable 5 Star Condo
    • Freehold LRT Linked 3 Room Suites in Glenmarie
    • New SPACIOUS Kepong Landed 6 Room 6 Bath
    • Bangsar Last Piece Land New Launch
    • Avara Seputeh (Mid Valley)
    • Project Announcement Registration. Malaysia New Property Launch
  • Existing & Past Project
    • 2020 Lowest Risk & Price in Klang Valley with Great ROI
    • Kiara East Suite Dex
    • 2019 SAFEST PROFITABLE HIGH CASHBACK INVESTMENT
    • Best Property Investment Projects in 2018
    • KL City Freehold Spacious Affordable 3 room Project
    • Jalan Kuching Freehold New Office & Shoplot
    • Jalan Ipoh New Freehold Shoplot & Offices
    • RM300k KL Sentral New Prelaunch
    • The Olive Condo, Sunsuria City
    • Prelaunch Landed House Bukit Rahman Putra
    • RM260k No Downpayment Puchong South Suites
    • PJ North RM400k High Cash Back Project
    • Denai Sutera @ Alam Sutera, Bukit Jalil
    • First Phase of Banting New Township
    • Neu Suites 3rdNVenue @ Embassy Row by Titijaya & CREC
    • COURT 28, Jalan Ipoh KL City New Property Launch Service Apartment. Malaysia New Property Launch
    • Semanja Kajang New FREEHOLD Kajang Double Storey Houses. Malaysia New Property Launch
    • M Suite @ Desa Park North
    • BIJI LIVING @ Sek 17 PJ City by Conlay. Malaysia New Property Launch
    • Amani Residence Bandar Puteri Puchong New Freehold Service Apartment. Malaysia New Property Launch
    • SFERA RESIDENCY @ Puchong South. Malaysia New Property Launch
    • KL North Last Release
    • PreLaunch Freehold Double Storey
  • LAND
  • News & Articles
    • Educational Articles
    • Ho Chin Soon Greater KL Map Sharing
  • Other Reference Link & Services
    • Land Sale Malaysia
    • Malaysia New Property Launch
    • Lets Buy Property Malaysia
    • Other Professional Services
  • Referral
  • Career
  • MPIG
    • About Us
    • Contact Us
  • Get Professional Advice
  • PJ八打灵2021全新地产项目分析手册