Seloga Holdings Bhd lead by "30 billion man"

NSN: 28 June 2004

Malaysia's Seloga To Expand Overseas, May Sell Assets
By Chan Tien Hin

June 28 (Bloomberg) - Seloga Holdings Bhd, a Malaysian engineering and property group, said it aims to turn profitable in a year as it expands in countries such as Turkey and South Africa to counter slowing business at home.

Seloga Chief Executive Halim Saad said he is trying to bag a 10 billion ringgit contract (US$2.6 billion) to build houses and a bridge in Turkey. The company may sell assets or new stock to fund the projects and reduce debt, he said, without giving a time frame for the completion of discussions.

"The overseas market is in better shape," Halim told reporters in Petaling Jaya, Selangor. "God willing, we will be profitable within a year."

Halim took over Seloga's management earlier this month after boosting his stake to about 19 per cent. The former chairman of Renong Bhd, once Malaysia's biggest industrial group, is trying to reverse five years of losses at Seloga by using the company as the main publicly traded vehicle for his investments.

Shares of Petaling Jaya-based Seloga have almost doubled since Halim started buying the company's stock on May 17.

The government took over Renong in 2001 after Halim failed to turn around the company, which resulted in the company becoming the nation's biggest debtor, with arrears of 30 billion ringgit.

After the takeover, Renong was taken private, reorganized, and its debt trimmed to 4.4 billion ringgit in 2003. It was renamed UEM World Bhd.

So now we know that actually this hot stock in KLSE right now(mid2006-2007), UEM World was Renong before this, and Renong was in debt for 30 billion ringgit. Wow thanks to Mr Halim, another MALAYSIA BOLEH.