4/9/2023 0 Comments Empire z second city![]() The implementation of the proposed subscription and diversification exercises are expected to be completed by early 2022. In its stock exchange filing, Rubberex also stated that the Empire City Mall has been independently valued at RM1 bil and that its proposed share subscription would enable the group to acquire a strategic foothold in a sizable completed mixed property development project within a relatively short period of two years. ![]() Strategically located within the bustling Petaling Jaya city centre, it is surrounded by established townships with high traffic catchment such as Petaling Jaya, Damansara Perdana, Damansara Utama, Kota Damansara, Taman Tun Dr Ismail, Mont Kiara, Damansara Damai, Bangsar and Kepong as well as being easily accessible by major expressways. “The Malaysian economy is undergoing progressive recovery, especially in the commercial and retail sectors.”Įmpire City Mall has a net lettable area of approximately 1.7 million sq ft including a total of 8,572 carpark bays in its vicinity. “Capitalising on the current global economic reopening and recovery themes, our first foray and diversification into property investment is in line with the group’s long-term strategy of delivering sustainable growth, steady income and value creation to the shareholders”, Lim pointed out. The proposed diversification exercise comes at a time when the rubber glove industry’s outlook seems to be waning from its peak of supernormal profits and sky-high average selling prices towards normalisation as Malaysia and the rest of the world enters the endemic phase of the COVID-19 pandemic. Rubberex further identified its non-independent executive director Lim Chee Lip to spearhead this project and has entered into a conditional share subscription agreement with Alliance Empire to subscribe shares in the company.Īccording to Lim, the investment represents a 20% equity interest in Alliance Empire at RM180 mil which be fully satisfied in cash. In a Bursa Malaysia filing yesterday (Oct 4), Rubberex announced its joint collaboration with Alliance Premier Sdn Bhd, EXSIM Holdings Sdn Bhd and JT Momentum Sdn Bhd through a joint venture company Alliance Empire Sdn Bhd. THE once touted as a mammoth RM5 bil Empire City Damansara (ECD) project is set for revival with glove maker Rubberex Corp (M) Bhd proposing to undertake a joint collaboration on the development and operation of Empire City Mall that is currently being constructed as part of the overall ECD development.
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