Oilcorp unit to raise up to RM300m via AIM listing

PETALING JAYA: Oilcorp Bhd’s property unit, D’Tiara Corp Sdn Bhd, is looking to raise RM250mil to RM300mil in proceeds from its proposed Alternative Investment Market (AIM) listing on the London Stock Exchange. Oilcorp executive director Pua Yow Liang said it was still finalising the actual amount with its advisor in London, but that was the target it planned to raise. “The proceeds will only be used for the development of the four projects that we currently have,” he told a press conference after the company EGM yesterday. Oilcorp’s shareholders unanimously approved the company’s proposal to list its property arm on the AIM. The listing is slated to take place in May. D’Tiara Corp owns D’Tiara Beach Resort in Port Dickson and has three ongoing developments – D’Tiara Office & Hotel Suites in Kuala Lumpur, D’Tiara Waterfront Resort in Pulau Indah and D’Tiara Leisure & Health Resort in Genting. While there are no plans to undertake additional projects at present, Pua said D’Tiara Corp’s post-listing plans would be to expand its business to neighbouring countries by franchising the D’Tiara brand and resort-operation concept. “We are in the process of identifying potential joint partners in Thailand, Indonesia and Cambodia. Perhaps we will formalise our partnerships by year-end,” he said. Read more

(The Star 22-3-2008)