Property
Charting Meda’s new direction
Joseph Wong | 05 Oct 2018 00:30
New major shareholder Datuk Seth Yap Ting Hau, who now has a sizeable 14.36% direct stake in Meda Inc Bhd, will be the driving force behind the ailing property developer as it moves ahead. 

The aggressive 39-year-old entrepreneur is planning to further increase Meda’s sizeable land bank.

Yap is planning for Meda to be synergistic with his tourism business, similar to what he has done for his other company M101 Holdings Sdn Bhd.

As at Dec 31 last year, Meda incurred a net loss of RM8.8 mil at the group level while its revenue dropped significantly from RM71.4 mil in FY2016 to a mere RM21.4 mil in FY2017.

Meda has actually been incurring losses since 2014. However, the group owns a substantial amount of undeveloped land – a total of 303ha which has a net book value of RM71.98 mil as at the end of last year.

Apart from the 251.8ha Kuala Linggi land in Melaka, the company has 45.7ha in Sungai Siput, Perak; 3.9ha in Tanjong Kling, Melaka; and another 2.5ha in Sepang, Selangor.

“At this moment, the management is still studying Meda Inc’s existing assets to derive ways to maximise their potential,” Yap tells FocusM in an email reply.

Snippets
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