KPower unit gets green light from Terengganu state govt for mixed housing project

KPower unit gets green light from Terengganu state govt for mixed housing project

10 Aug 2022

KPower Bhd’s wholly owned unit KPower Development Sdn Bhd (KDSB) has received approval from the Terengganu state government to develop affordable and mixed housing development on 18.959 hectares of land in Kuala Nerus district, Terengganu.

KDSB is principally involved in property development.

In a Bursa Malaysia filing on Wednesday, KPower said 4.85% of the gross development value will be attributable to the state’s affordable housing fund, which is under the purview of the housing department of Terengganu’s state secretary.

The property development is expected to contribute positively to KPower’s net assets, consolidated earnings, and earnings per share for the financial year ending June 30, 2023 (FY23) to FY25.

KPower shares closed down one sen or 3.57% to 27 sen on Wednesday, valuing the group at RM146.56 million. The counter has fallen 35.71% year-to-date from 42 sen.

Source: The Edge Markets