Stockmarket.com.my

Johor-based construction and property company Mahabuilders Bhd is eyeing a listing on Bursa Malaysia’s main market next year.

Group chairman Mustapha Hassan said the company would be engaging a professional consultant to prepare the proposal for its initial public offering exercise.The company, which has a track record in acquiring and reviving several abandoned property projects in Johor since 2001, is also developing its own projects.

Among them is the 177.25ha Taman Desaru Utama township, which has over 2,000 residential and commercial properties with a gross development value (GDV) of RM650mil.In September, the company will be launching Horizon Residences – a two-block 23-storey high-end condominium project – and 60 shop office units known as Horizon Point. Both projects have a combined GDV of RM150mil.

The company was set up by contractors Mahadun Abdul Rahim and Muhammad Said Hassan in May 1983.

Initially known as Mahadun Binaan Sdn Bhd, the company changed its name to Mahabuilders Sdn Bhd in 1994 and to Mahabuilders Bhd recently.The company is among the few in Malaysia specialising in acquiring and reviving abandoned property projects.