Malaysia’s Iskandar Waterfront delays IPO on gov property measures-sources
Malaysia’s Iskandar Waterfront delays IPO on gov property measures-sources
Monday, Nov 04, 2013
Reuters
KUALA LUMPUR – Iskandar Waterfront Holdings, a Malaysian property developer focused on the southern state of Johor, has postponed an up to S$373 million IPO to the last quarter of 2014 due to property cooling measures, two sources said on Monday. The firm, tasked with developing a metropolis in Johor state that neighbours Singapore, had previously deferred the listing to early 2014 from an initial target to sell shares in this current quarter. The IPO is a casualty of the Malaysian government’s plan to raise real property gains taxes next year and double the minimum price at which foreigners can buy property as it seeks to cool prices. “The assets have to be revalued now with the changes in real property gains tax,” said one of the sources. The sources declined to be identified as the matter was private. Officials in Iskandar could not be immediately reached for comment.
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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments.
KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community.
KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.
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