KUALA LUMPUR (Dec 30): Malaysia Pacific Corp Bhd (MPCorp), a Practice Note 17 company, expects results for its financial year ending June 30, 2015 (FY15) to be "much better" than the net loss of RM31.66 million recorded in FY14.
CEO Ch'ng Soon Sen told theedgemarkets.com after a heated annual general meeting with shareholders today that the property developer is in the midst of negotiating with potential local partners to form joint ventures (JVs) to develop residential properties on its land in Johor.
Ch'ng is hopeful the plans will materialise sometime in the first half of 2015, but declined to provide details on the JVs.
As at June 30, 2014, MPCorp owned 490 acres of freehold land in Johor. Of these, seven parcels or 188 acres have been charged to Amanah Raya Development Sdn Bhd for the RM115 million owed to the latter.