KUALA LUMPUR (May 10): Jiankun International Bhd (KL:JIANKUN) has redesignated its president Datuk Saiful Nizam Mohd Yusoff as non-independent and non-executive chairman, effective Friday.

Saiful Nizam's redesignation comes shortly after Tan Sri Mohamed Apandi Ali's resignation as chairman of the loss-making property development and construction group on April 30. Mohamed Apandi, the former attorney general, had led Jiankun since December 2020.

Saiful Nizam, son-in-law of deputy prime minister Datuk Seri Dr Ahmad Zahid Hamidi, holds 2.5 million shares or a 0.51% stake in Jiankun.

Last December, he ceased to be Jiankun’s substantial shareholder after selling 15 million shares or a 3.178% stake, reducing his stake to below a 5% threshold.

Saiful Nizam was first appointed to Jiankun’s board as an independent non-executive director in April 2021. He was then redesignated as executive director in March 2022, before being made the group's executive deputy chairman in October 2022, then its president two months later.

In a separate filing, Jiankun said it expects the gross development value (GDV) of its projects, which include the redevelopment of Jalan Tun Razak flats in Kampung Baru, to rise to RM2 billion.

“Our team is poised and confident to embark on the ambitious redevelopment of the 3.69-acre site along Jalan Tun Razak. The transformation envisages eco-friendly 52-storey apartment towers and three additional towers with retail and residential components, with an impressive GDV of RM1.2 billion,” said Saiful Nizam.

“This prime real estate in Kuala Lumpur's Central Business District, in close proximity to KLCC, promises lucrative returns for Jiankun over the next five to eight years,” he added.

Jiankun's other projects are: Residensi Maya in Kajang, Selangor with an estimated GDV of RM267 million, serviced apartment projects in Bukit Tambun, Seberang Prai Selatan, Penang and Klebang Melaka (with a combined estimated GDV of up to RM420 million), and a two-storey housing project in Taman Panchor Jaya,  Seberang Prai Selatan, Penang (with an estimated GDV of RM73 million).

In terms of financial performance, Jiankun narrowed its net loss for the year ended Dec 31, 2023 to RM13.33 million, from a RM17.27 million net loss a year earlier, as revenue nearly tripled to RM23.57 million from RM8.15 million previously.

The group changed its financial year end from Dec 31 to June 30.

Shares of Jiankun, which have risen over 33% since the start of this year, closed unchanged at 16 sen on Friday, valuing the group at RM79.04 million.