KUALA LUMPUR (July 13): According to a recent report by The Edge Malaysia, the “low-profile Ku brothers” via Gorgeous Horizon Sdn Bhd have been buying more KSL shares on the open market, “bringing the company’s shareholding to 8.3% as at July 2 from a 1.14% on March 29”.
The report also stated that the Ku brothers (founders of KSL) control Premiere Sector Sdn Bhd – the Johor-based developer’s single largest shareholder with a direct stake of 31.81% stake.
The weekly also wrote that the brothers – executive chairman Ku Hwa Seng, group managing director Khoo @ Ku Cheng Hai and executive director Ku Tien Sek together “hold at least 41.54% in KSL as at July 3”.
A source told the business publication that Gorgeous Horizon has been buying “extra shares of the group in recent months to shore up its share price”.
It was reported that KSL’s share price rose to a multi-year high of RM2.34 per share in September 2014 — the year it posted its highest-ever earnings.
It has dropped by 64% to close at 80 sen last Friday, giving the developer a market capitalisation of RM824.82 million.
The stock is currently trading at 0.29 times net asset value per share of RM2.80 and at three to four times historical PER.
KSL has property development projects in Johor and Bandar Bestari township in Klang, Selangor. It is also building the RM2 billion KSL Esplanade Mall in Klang.
Meanwhile, KSL City Mall is an integrated development with the 906-room KSL Hotel and Resort in Iskandar Puteri, located strategically just 7km from Singapore.