Vortex to buy RM246m worth of properties in Genting Highlands theedgemarkets.com / theedgemarkets.com
April 28, 2022 20:29 pm +08 -A+A KUALA LUMPUR (April 28): Information technology and property construction company Vortex Consolidated Bhd is acquiring 187 units of serviced apartments in an on-going property development called Antara @ Genting Highlands in Pahang that is undertaken by Aset Kayamas Sdn Bhd for RM246.35 million cash.
In a bourse filing on Thursday (April 28), Vortex said it has entered into a conditional sale and purchase agreement with developer Aset Kayamas for the proposed acquisition.
Spanning 2.163ha, Antara @ Genting Highlands features four blocks of serviced apartments with common facilities/amenities, commercial/retail space and an elevated car park podium. The proposed development, with a gross development value of RM2.24 billion, will be carried out in two phases, of which both phases are expected to be completed by the third quarter of 2025. As at April 20 2022, the proposed development was 16% complete.
Currently, Vortex’s property portfolio comprises a mix of commercial and residential properties. It said the proposed acquisition will enable the group to have exposure in sizable investment properties at strategic location to diversify and supplement its future income stream via rental income.
"This is also in anticipation that the demand for properties at or surrounding Genting Highlands is expected to increase in the future in view that the global and Malaysian economies are entering the endemic phase of the Covid-19 outbreak with the rollout of vaccines and the progressive recovery phase of the Malaysian economy, especially in the retail, commercial and tourism industries," said Vortex.
Kanger lousy company(cannot pay) so Chai Kin Kong sell to VC instead?
Vc only got 11m cash ,how to buy 246m worth of condo from Antara Asset? By the way ,Kanger also buy 145m worth of condo from Antara Asset,Chai King Kong company. So 225m cash most like willcome from massive multi billion right issues. be careful. First stage of pump to print and print going on
Kanger directors raise fund via rights issue to partly fund the purchase of the serviced apartment from KAYAMAS (An acquisition of Tower A, Antara @ Genting Highlands which consists of 126 serviced apartments for a cash consideration of RM142,870,000.00.)
VC directors utilising portion of company fund (fund raising via share issuance) to purchase the serviced apartment from KAYAMAS
(Vortex Consolidated Bhd has entered into a conditional sale and purchase agreement with developer Aset Kayamas Sdn Bhd to acquire 187 units of serviced apartments worth RM246.35 million in an ongoing development in Genting Highlands.)
================ Congrats to KAYAMAS owner, the one profiting from above deals.
Kanger and VC spending lots of company fund raised from share issuance
================= Aset Kayamas benefited from the sales, its price should fly if it is listed.
Should VC price move up too for purchasing service apartments that are still not completed.
================= On behalf of the Board of Directors of Vortex (“Board”), TA Securities Holdings Berhad (“TA Securities”) wishes to announce that the Company had, on 28 April 2022, entered into a conditional sale and purchase agreement (“SPA”) with the developer, Aset Kayamas Sdn. Bhd. (“AKSB” or “Vendor” or “Developer”), for the proposed acquisition by the Company of 187 units of proposed serviced apartments located on the 7th, 12th to 29th and 46th to 49th floors of Tower A, Antara @ Genting Highlands (an on-going property development on a freehold land held under Title No. GRN 45572, Lot 43031, Mukim and District of Bentong, State of Pahang Darul Makmur) (“Subject Properties”) for a total cash consideration of RM246,348,000 (“Purchase Consideration”) (“Proposed Acquisition”).
Please refer to the attachment below for further details of the Proposed Acquisition.
Please take note.. Kanger which has business dealing with Antara Asset has money lending license VC too has money lender license, for what purpose? Famous scandal is Ekran which has money lending license, lent $700m rgt to the boss,Ting Pek Khing. And the money never paid back. Drama has just started.
266,121, 872 WC were listed on 28/4/2021, and 108,867,100 have been converted. This I have verified by checking Bursa's announcements. The conversion to me means confidence in VC and gives 18.5 mil. Then, you have the 13mil from 2nd variation on the use of the proceeds from the RI last year. These funds helped VC to pay the 10% down payment for the Antara Genting purchase, just after buying the oil palm and durian plantation. I think VC's management have done their detailed calculations. I think more ppl will convert their WC and generate more fund.
P/E ratio tells more? Anyway, I see its making much more profit compared to last quarter and to last year's corresponding quarter. Plus the additional revenue streams from the newly acquired plantations (and later the Antara-Genting serviced apts?)
Thanks for sharing the observation! I hope not just 2 of us....may be ppl are temporarily busy with Sapura, Cypark... Remember 1 year ago there were TurkeyFig, Doggie888 among others....One of them very confident about Mdm Chan, and influenced me to hold all these while even when it was as low as 7 sen. Lucky and Appreciate that!
Proposed Change of Company Name VORTEX CONSOLIDATED BERHAD
Proposed company name HARVEST MIRACLE CAPITAL BERHAD
================== Vortex Consolidated Bhd has proposed to change its name to Harvest Miracle Capital Bhd.
In a Bursa Malaysia filing, the group said the new name was approved by the Companies Commission of Malaysia (CCM) on June 8.
================= Remind of Harvest Court
Loss-making Harvest Court Industries Bhd is proposing to change its name to “Anzo Holdings Bhd”. In a filing with Bursa Malaysia today, Harvest Court said the new name has been approved and reserved by the Companies Commission of Malaysia (CCM) on July 6, 2015.21 Jul 2015
ANZO still incur multi year losses =================
CIRCULAR TO SHAREHOLDERS IN RELATION TO: PART A PROPOSED ACQUISITION BY MAJESTIC SKYHILL MANAGEMENT SDN. BHD. (A WHOLLY-OWNED SUBSIDIARY OF VORTEX CONSOLIDATED BERHAD ("VORTEX" OR "COMPANY")) OF 187 UNITS OF PROPOSED SERVICED APARTMENTS LOCATED ON THE 7TH, 12TH TO 29TH AND 46TH TO 49TH FLOORS OF TOWER A, ANTARA @ GENTING HIGHLANDS (AN ON-GOING PROPERTY DEVELOPMENT ON A FREEHOLD LAND HELD UNDER TITLE NO. GRN 45572, LOT 43031, LOCALITY OF BENTONG, MUKIM AND DISTRICT OF BENTONG, STATE OF PAHANG DARUL MAKMUR) FROM THE DEVELOPER NAMELY, ASET KAYAMAS SDN. BHD., FOR A TOTAL CASH CONSIDERATION OF RM246,348,000 ("PROPOSED ACQUISITION") PART B PROPOSED CHANGE OF NAME OF THE COMPANY FROM "VORTEX CONSOLIDATED BERHAD" TO "HARVEST MIRACLE CAPITAL BERHAD"
================== Purchase of 187 units of apartment costing RM246,348,000 from Aset Kayamas. Congrats to Aset Kayamas owner on this deal.
Payment will be satisfied entirely in cash via the Group’s internal funds and via a combination of the Group’s internal funds, variation of utilisation of proceeds from previous fund-raising exercises of the Company, other fund-raising options and/or bank borrowings.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....