The proposed diversification Of WZ Satu Bhd and its subsidiaries in relation to the development of Perumahan Rakyat 1 Malaysia located in Kuantan Pahang known as the PR1MA D’Marina Residency may contribute 25% or more of the net profits of our Group or cause a diversion of 25% or more of our Group’s NA moving forward.
It said that in addition, the Proposed Diversification are expected to contribute positively to the future earnings and improve the financial performance of our Group throughout the duration of the Phase 2 Project to be recognised by our Group over the project tenure.
WZ Satu Bhd had send a circular to its shareholders in respect of the proposed diversification Of WZ Satu Bhd and its subsidiaries in relation to the development of Perumahan Rakyat 1 Malaysia located in Kuantan Pahang known as the PR1MA D’Marina Residency and a Change of name from WZ Satu Bhd to Citaglobal Bhd.
It said that the project and the Proposed Joint Development are part of the corporate strategic responsibilities of our Group as a caring corporate citizen and support the Government in delivering more affordable homes.
It said that Sinergi Dayang, our indirect wholly-owned subsidiary, through partnering with PR1MA Corporation to develop the Project, is exercising our Group’s corporate strategic responsibilities and sharing the same mission with PR1MA Corporation to plan, develop and provide affordable and high-quality homes inspired by modern living concepts for middle-income Malaysians.
WZ said that the proposed Joint Development enables our Group to participate in the Phase 2 Project without an outright purchase of land which will otherwise require significant cash outlay, hence minimising the potential impact on our Group’s cash flow and gearing.