EVENT 2014

Ivory expands headquarters to cater business expansion down South

23 June 2014, Traders Hotel, Penang

Ivory Properties Group Berhad (Ivory) has expanded its headquarters in a move to cater for its future operations when the company headed down South. Ivory has shifted its headquarters from its former building Birch House, which measures 17,077sq ft, to Ivory Tower, measuring 106,377sq ft, in phase two of Penang Times Square.

Birch House is currently being leased to the world's largest chain of hamburger fast food restaurant McDonald’s as a drive through outlet while the four-storey Ivory Tower is also featuring a spatially orientated sales gallery.

Moving forward, Ivory group chief executive officer Datuk Low Eng Hock said the group would be expanding its business down South after successfully becoming a household name in Northern region and Penang in particular.

On the joint-venture development between Aspen Vision Land Sdn Bhd (where Ivory is holding 49% stake) and Ikano Pte. Ltd. (Ikano) to set up an IKEA store on a 20-acre land and IKEA Mall on a 55-acre land in Batu Kawan, Low said Aspen Vision Land Sdn Bhd (AVL) is in the process of entering into the purchase and development agreement (PDA) with Penang Development Corporation (PDC).

The joint-venture will also see mixed development (20% by Ikano, 80% by AVL) on a 170-acre land in Batu Kawan. The total land cost for the entire 245-acre development is about RM484mil.

On the Plaza Rakyat development, Low said they are in the process of procuring an extension for the conditional acquisition and rehabilitation agreement (ARA) with Plaza Rakyat Sdn Bhd to acquire the leases and development right of the project land.

On another matter, Low said Tropicana Ivory Sdn Bhd, a joint-venture company between Ivory and Tropicana Corporation Bhd that is set up to oversee the Penang WorldCity development, will be rolling out Phase 3A of the development by end of the year following overwhelming success of the Phase 1A sales.

Chaired by Ivory chairman and independent non-executive director Dr K. Asairinachan @ Aravinachan, the AGM at a hotel here saw a turnout of some 100 shareholders and proxies.

During the meeting, the Group obtained a unanimous approval for its five ordinary resolutions and one special resolution.

An extraordinary general meeting (EGM) was also held after the AGM to obtain shareholders’ approval for renewal of shareholders’ mandate for recurrent related party transaction of revenue or trading nature.

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