RADIO frequency identification (RFID) solution specialist SMTrack Bhd whose share price spike fizzled out after its 5G Infra Tech venture ‘went quiet’ after much fanfare is now eyeing a piece of action in the property sector.
Yesterday (June 23), the ACE Market-listed company via its wholly-owned subsidiary SMT Turbojet Resources Sdn Bhd inked a project management consultancy (PMC) agreement with Menara Rezeki Properties Sdn Bhd (MRPSB) to perform services for the re-development project in Kampong Bharu.
A filing with Bursa Malaysia today shows that the project shall commence once the commercial land has been transferred in the name of the MRPSB. MRPSB shall pay SMTrack an estimated RM80 mil which is 10% of the estimated gross development cost for the project which is about RM800 mil.
MRPSB is a joint venture company formed by property-based Jiankun International Bhd and Menara Rezeki Sdn Bhd.
“Our appointment as the PMC for this prestigious project for the first time is a tremendous achievement and testimony to the increasing breadth and depth of talent at SMTrack as we continue with our diversification strategy,” commented SMTrack’s deputy executive chairman Azmi Osman.
“We value the opportunity to strengthen our valued relationship with MRPSB and the local authorities, hence allowing us to provide our best-in-class advice and guidance on all aspects of the development.”
Given the strategic location of the 3.69-acre site that is bounded on the side by Jalan Tun Razak, Menara Rezeki’s managing director Datuk Saiful Nizam Mohd Yusof expects it to serve as a prime site for re-development.
“Its excellent connectivity, existing infrastructure, public transport and proximity to Kuala Lumpur’s central business district will attract investment and boost small and medium-sized enterprises (SMEs) that will be beneficial to the local community,” he justified.
At the close of trading yesterday (June 23), SMTrack was unchanged at 7 sen with 1.02 million shares traded, thus valuing the company at RM57 mil.
Recall that on Jan 11, its share price shot up to a 52-week high of 31 sen following the emergence of Country Heights Holdings Bhd founder and executive chairman Tan Sri Lee Kim Yew as its substantial shareholder – June 24, 2022
