Property developer Tambun Indah Land Bhd has received the Securities Commission's (SC) approval to list on the Main Market of Bursa Malaysia Securities Bhd.

In a statement today, the company said it has appointed MIMB Investment Bank Bhd adviser, managing underwriter, underwriter and placement agent for the initial public offering (IPO) exercise.

Its managing director, Teh Kiak Seng, said it was timely to seek a listing in view of the increasing demand for properties in mainland Penang.

"We believe it will enable us to strengthen our position as a major property developer here.

"Since the group's inception in 1994, we have been guided by our key principle to design and develop contemporary and high quality homes at affordable prices," he said.

To date, he said, Tambun Indah has sold more than 2,800 units of residential properties, mostly in mainland Penang, with a gross development value of more than RM800 million.

Tambun Indah's portfolio of completed/on-going projects include Juru Heights and Pearl Garden townships, Casa Impian and Casa Permai as well as Scotland Villas. — Bernama


SOURCE: Business Times