KUCHING, July 4 (Bernama) -- Naim Holdings Berhad (NAIM), a pioneering property developer in Sarawak, announces the sale of 180.8 hectares of land in Kuching at around RM 223.38 million that was acquired some 16 years ago, as a strategic step to inject working capital and also to pare down part of its debts of some RM437 million as at 31st March 2024. This decision is a part of their ongoing commitment to ensure long-term sustainability of their business operations in the current tight property market.

This will provide an opportunity to realise gains and unlock the value of its investments after 16 years of holding. At the same time, NAIM is shifting its focus towards developing affordable homes in line with the State Government’s effort to provide affordable housing for the Rakyat. NAIM aims to develop some 10,000 units of affordable housing, the bulk of which is in Miri from the remaining land that they have.

“We want to assure our stakeholders that this sale is conducted with the utmost respect for our core corporate values and with a clear focus on our future. We recognize the importance of making prudent financial decisions that support our continued success and resilience.” said Datuk Hasmi Bin Hasnan, Group Managing Director.

He added, “We are committed to using the proceeds from this sale to fortify our financial foundation, allowing us to continue serving our customers with excellence and to explore new opportunities for growth, especially in Miri where we started.”

This decision aligns with recent trends in the property market, where other prominent developers such as Eco World Malaysia and UEM Sunrise (as evidenced from their regulatory announcements in Bursa Malaysia) are also divesting land assets to strengthen their financial positions.   

ABOUT NAIM GROUP 
NAIM Group is an investment-holding company focusing on integrated property developments, construction, civil engineering, infrastructure projects, and oil & gas services. Striving to bring tears of joy to millions, NAIM remains committed to building value for its communities and stakeholders through its businesses and engagement/charity initiatives.  

SOURCE: NAIM Group 

FOR MORE INFORMATION, PLEASE CONTACT: 
Email: naim.corpcommdept@naim.com.my

--BERNAMA