Jubilee Industries

Jubilee Industries: After an RTO was announce in mid-oct, the former loss-making plastic injection mould producer JLJ Holdings - appears poised to be the latest intriguing Iskandar play on SGX. The RTO will result in the acquisition of Tenderside Ventures, a subsidiary of Malaysian property development company Jewelstone Properties. According to BusinessTimes, Tenderside owns a 60% stake in Viridea Lakeside Sdn Bhd. Viridea will acquire the Viridea @ Medini Lakeside project in Johor on roughly three hectares of land. For comparison, the Medini area comprises 890 hectares of land. The estimated gross development value of the mostly residential project, or what it can be sold for when completed, is RM800m. Out of that, a profit before tax of RM300m is expected to be generated, out of which 60% or RM180m will be guaranteed to Jubilee. This guaranteed profit before tax works out to about 14¢ a share.