Seri Kembangan, Kuala Lumpur; 25 April 2024 – Sentoria Group Berhad (“Sentoria”) achieved a significant milestone today with the successful convening of its Extraordinary General Meeting (EGM), a crucial step forward in the company’s pursuit of financial revitalisation. The virtual EGM gathering witnessed strong participation from Sentoria’s esteemed shareholders including the State Investment Agencies of Pahang, demonstrating their steadfast commitment to the company’s future strategic direction.

Led by Sentoria’s Chairman, Datuk Ras Adiba Radzi, and attended by all board members, the EGM focused on securing shareholders’ mandate for Sentoria’s Redeemable Convertible Bond (RCB) issuance to be undertaken together with a Shares Consolidation exercise. The overwhelming support received almost 99.9% support of eligible registered shareholders, including full backing from the Pahang State Investment arm, who is the second largest shareholder, represented a resounding vote of confidence in Sentoria’s rejuvenation efforts.

Following Bursa Malaysia’s conditional approval last month, contingent on shareholders’ endorsement, today’s successful resolution propels Sentoria forward to initiate its first issuance of the three-tranche structured RCB, in compliance with regulatory standards. Dato’ Loh Yuen Tuck, the Group’s CEO, expressed his heartfelt gratitude for the much awaited approval of the RCB proposal. “We are amidst a massive and significant corporate turnaround. The RCB plays a critical role in reviving SGB cash-flows, honour its commitment to banks, expedite the completion of housing projects in Morib Bay, Selangor and rejuvenation of its theme parks through strategic partnerships. The RCB approval enables Sentoria to honour its commitment to buyers of Sentoria homes, deal with legacy issues arising from outstanding loans from banks, finance new projects in Morib, revive its theme-park operations in Gambang Pahang and Samariang Sarawak, thus enhancing property values, delivering sustainable returns to shareholders and fair return to banks supporting SGB,” remarked Dato’ Loh.

The RCB issuance, complemented by a share consolidation exercise of four to one, underscores Sentoria’s commitment to financial flexibility and disciplined management. The RCB is a convertible bond issued by Sentoria to raise funds from the (capital) market which has already been fully subscribed. Upon this share consolidation exercise, the RCB is issued to an identified Subscriber of RCB, namely Triton Capital VCC Singapore, which the principal advisers have structured that the RCB is convertible to a maximum new ordinary share of 306, 690, 544. These new converted SGB shares are in addition to the Sentoria’s consolidated shares of 155, 744, 497 (including treasury shares). The infusion of RM 150 million funds will support development initiatives, improve cash flows, reduce bank borrowings and bolster working capital, all vital components of Sentoria’s strategic turnaround.

Datuk Ras Adiba Radzi, Chairman of Sentoria’s Board of Directors, reaffirmed the new Management Team’s commitment to integrity and transparency in utilising RCB funds, underscoring Sentoria’s dedication to realising its full potential and creating value for stakeholders. “Sentoria remains steadfast in honouring the trust placed in us by our esteemed shareholders and bankers. Our new leadership and team are fully dedicated to implementing RCB to the best of our ability as we endeavour to build a better tomorrow,” affirmed Datuk Ras Adiba.

The new team extends their gratitude for the continued support from shareholders, partners, suppliers, bankers, and stakeholders, emphasising the pivotal role of ongoing collaboration in achieving Sentoria’s turnaround goals.

 

About Sentoria

Empowering Dreams, Building Value: Sentoria Homes by Sentoria Group Berhad

Where Dreams Meet Affordability. Build a Better Tomorrow.

Sentoria Homes represent the embodiment of affordability and investment potential, brought to you by Sentoria Group Berhad. Formerly known as Sentoria Development Sdn Bhd, our journey since 2000 has transformed us from a contractor into a pioneer in providing quality, affordable housing solutions, for those seeking quality homes at affordable prices.

Sentoria Homes invites you to be a part of our transformative journey, where every investment contributes to shaping better lives and building enduring value. Join us in creating communities where dreams meet affordability, and investments yield not only financial returns but also make a positive impact on lives. Sentoria Homes – where affordability and investment wisdom converge.

 

Build a Better Tomorrow

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For investor relations, please contact:

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Note: This press release contains forward-looking statements that are subject to risks and uncertainties. Actual outcomes may differ materially from those expressed or implied in the forward-looking statements. Please refer to the Company’s filings with Bursa Malaysia so as to manage risks and uncertainties that may affect the Company’s future performance at the link below:

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=143862&name=EA_GA_ATTACHMENTS

APPENDIX: MORIB BAY RESORT CITY CURRENT ONGOING PROJECT