By Alexander Winifred
KUALA LUMPUR (Sep 06) -- Vizione Holdings, a Malaysian construction and property firm, expects revenue to double this fiscal year to May 31, 2018 from 49.1 million ringgit ($11.56 million) a year earlier, helped by its proposed acquisition of related party Wira Syukur (M).
Shareholders today approved Vizione's plan to buy Wira Syukur (M) for 280 million ringgit in a related party transaction, Managing Director Ng Aun Hooi said at a news conference. Ng is the majority stake holder at Vizione as well as in Wira Syukur.
Vizione expects a "5%-10% revenue growth" in subsequent years after the first year of taking over Wira Syukur, Ng said.
Wira Syukur has current outstanding orders totalling 400 million ringgit and will provide an annual profit guarantee of 82.59 million ringgit to Vizione, if the deal goes through. Wira Syukur is also bidding for 1.5 billion ringgit worth of new construction contracts, Ng said.
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