Iconic Worldwide Berhad announced that following the emergence of Executive Chairman Dato’ Seri Tan Kean Tet as the Group’s new controlling shareholder, the group will embark on a new strategy to fully realise the potential of its property development and hospitality management businesses.
Following the Group’s successful corporate exercise that raised RM95.6 million via an oversubscribed rights issue, Dato’ Seri Tan Kean Tet’s stake in Iconic Worldwide has increased to 36.59%.
As stipulated in Bursa Malaysia’s Main Market Listing Requirements, a controlling shareholder is defined as any person who is or a group of persons who together are entitled to exercise or control the exercise of more than 33% of the voting shares in a company. As a result, Dato’ Seri Tan Kean Tet, who was previously a major shareholder of Iconic Worldwide, is now a controlling shareholder of the Group.
Dato’ Seri Tan Kean Tet said, “With strong growth in tourism and key infrastructure projects that kick off this year, such as the Penang LRT and the expansion of the Penang International Airport, I remain highly convinced that the future is bright for real estate and hospitality in Penang.
“As we embark on our next chapter with a renewed focus on property development and hospitality management, we will make bigger and bolder bets that will accelerate our growth and leave an indelible mark on the real estate industry. We are determined to turn around the Group and explore opportunities to expand our business.
“On the property side, we have begun early discussions with potential partners to explore opportunities to develop mega township and industrial real estate projects in Malaysia. I believe that demand will only grow for these projects due to Malaysia’s unique appeal as a destination for foreign direct investments (FDI) and domestic direct investments (DDI).”
Iconic exploring tourism-related hospitality developments including resorts, villas & theme parks
Iconic Worldwide is exploring high-impact hospitality developments designed to boost tourism in Penang and leverage the island’s reputation as a world-class tourism destination. These developments include resorts, villas and theme park developments.
Group to Manage Iconic Regency, Further Boosting Hospitality Segment
In a further boost to the Group’s hospitality segment, in Q4 this calendar year Iconic Worldwide will begin managing the Iconic Regency, a serviced apartment in Sungai Nibong. The 42-storey Iconic Regency, one of Penang’s tallest residential towers, comprises 268 serviced apartments with built-ups ranging from 500 sq ft to 850 sq ft. Iconic Regency is located next to Iconic Marjorie, a five-star hotel under Marriott International’s Tribute Portfolio family.
Iconic achieves 70% take-up rate for Iconic Harmony, putting the Group further on path to profitability by FY25
On April 22, 2024, the Group announced the soft launch of Iconic Harmony in Bukit Mertajam, Penang. Iconic Harmony comprises residential and commercial components including 751 residential units and 16 shoplot units with a total gross development value (GDV) of RM300 million.
Iconic Plans Project With GDV Of Over RM300 Million On Newly Acquired Land Asset
As detailed previously, of the RM95.6 million in gross proceeds raised via the Group’s recent corporate exercise, RM39.8 million or 41.6% of the proceeds has been used to acquire a parcel of freehold, vacant land measuring approximately 15 acres in Paya Terubong, Penang Island.
The Group said it will submit a proposal to the Penang state authority for planning permission to construct a residential development on this newly acquired asset. It is expected that the gross development value (GDV) of this project will be more than RM300 million.
