KUALA LUMPUR (Nov 6): The Employees Provident Fund (EPF) has increased its stake in premier lifestyle property developer Mah Sing Group Bhd to 10%.
In a filing with Bursa Malaysia today, it was revealed that the EPF had acquired 1.55 million Mah Sing shares on Nov 3, 2015 thus bringing its interest in the company to 240.94 million shares, or a 10% stake.
Mah Sing Group, in a statement today, said that the group has practised a dividend policy of paying out a minimum of 40% of net profit since 2006. On Sept 17, 2015 the group had paid 6.5 sen per dividend per ordinary share in respect of the financial year ended Dec 31, 2014 (FY14), which translated to an attractive payout ratio of approximately 44%.
"The group is one of the most active developers in Malaysia, with a portfolio of 46 projects of which 11 are completed. The remaining 35 projects are at various stages in order to sustain their growth as they are in the various stages of planning, infancy, growth and maturity," it said.
The group has a remaining gross development value (GDV) amounting to RM26.4 billion. This, coupled with unbilled sales of RM4.8 billion, represents total remaining GDV and unbilled sales of RM31.2 billion, providing growth and earnings visibility for at least the next six to eight years.
Mah Sing shares closed down three sen or 2.17% today to RM1.35, with a market capitalisation of RM3.28 billion.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)