KUALA LUMPUR (Feb 19): Amalgamated Industrial Steel Bhd has rebranded itself as Parkwood Holdings Bhd, effective yesterday.

In a statement today, the group said the rebranding provides Parkwood with a new corporate identity to mark its shift from its steel business to the property sector.

“Last year marked a major milestone for us as we finally divested our steel trading operations to fully focus on our core business in the property sector.

"The change of name from Amalgamated Industrial Steel Bhd to Parkwood Holdings Bhd is to align with our shift in our business directions. With the rebranding exercise, I am indeed very excited as we continue to strategise our plans for our future directions of the company in the property industry,” said Parkwood executive director Lim Chin Sean.

Parkwood’s property projects include the 82-unit low-rise residential project Utamara Boutique Residences, which is located at Kayu Ara next to Bandar Utama; and the premier industrial development Avant Industrial Park that is built on an 11.5-acre prime industrial land in Section 15, Shah Alam.

Another mixed development project in the pipeline is Parkwood Damai, the group said, which is located in the prime Damansara Damai area near the under-construction Damansara Damai MRT station, with access to the North-South Expressway, Damansara-Puchong Expressway (LDP) and Duta-Ulu Kelang Expressway.

Scheduled to be launched in 2022, Parkwood Damai comes with retail lots on the ground floor and two blocks of serviced apartments on the top floor. The project is being developed on a 3.55-acre leasehold commercial land parcel which was acquired in end 2019.

Shares of Parkwood ended three sen or 8.47% lower at 27 sen today, for a market capitalisation of RM37.15 million.