Ireka eyes higher management fees

Posted on | May 9, 2007

By BUSINESS TIMES

IREKA Corp Bhd’s subsidiary, Ireka Development Management Sdn Bhd (IDMSB), expects to earn higher fees as the development manager of Aseana Properties Ltd (ASPL).

Group managing director Lai Siew Wah said IDMSB’s role would enable Aseana to undertake property development projects of over RM5 billion over the next seven years in terms of gross development value.

“Ireka’s involvement will be rewarded through a combination of management and performance fees that are dependent on the size and performance of Aseana’s assets under management.

“There is also further upside from our shares in Aseana, in terms of capital appreciation and dividend yields,” he told reporters after the group’s extraordinary general meeting today.

Moving forward, Lai said the company would exploring investment opportunities in Vietnam besides Malaysia to ensure that the funds raised by Aseana were put to work effectively.

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