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BKP ENTERS STRATEGIC MERGER WITH MIDDLE EASTERN GROUP

In what was described as a timely and strategic move, Bukit Kiara Capital Sdn Bhd is merging with a middle eastern conglomerate to expand its customers base as well as leverage on each other’s strength to undertake property developments both in Malaysia and the United Arab Emirates (UAE).

BKP Managing Director NK Tong, Al Batha Group Vice-Chairman Sheikh Salem
Mohammed Al Qassimi, BKP Chairman Datuk Alan Tong and Al Batha Group
Managing Firector Rainer Joechen placing their hands on the globe to signify
the formation of Al Batha Bukit Kiara Holdings.

In a signing ceremony held in Dubai between the Bukit Kiara Group and the Al Batha Group today, the merger will see the formation of a new Malaysian company under the name of Al Batha Bukit Kiara Holdings Sdn Bhd (ABBK).

The Al Batha Group, one of the biggest private groups in the UAE based in Sharjah, will hold a 40% stake in ABBK while the Bukit Kiara Group will hold 60%. For its stake in ABBK, Al Batha will pay a sum of RM 42 million to Bukit Kiara Capital Sdn Bhd on a willing buyer willing seller basis.

With this arrangement, eight companies that are related to property development and previously 100% owned by Bukit Kiara Capital Sdn Bhd, will now be injected into ABBK Holdings Sdn Bhd. These companies include the group’s flagship company Bukit Kiara Properties Sdn Bhd (BKP), an ISO certified organization that is well known for its innovative developments of Aman Kiara, Hijauan Kiara and the VERVE® Suites, all located in the prestigious expatriate neighbourhood of Mont’Kiara, Kuala Lumpur.

The others are Bukit Kiara Interiors (BKI), Bukit Kiara Builders (BKB), Bayland, Bukit Kiara Properties Services (BKPS), Tunas Landscape, Enchanting Lifestyle and Pristine Springs.  BKI is involved in providing interior design and contracting works while BKB is involved in construction works for the group. Both are also ISO certified companies.

Together with BKP, the Bukit Kiara Group became the first property development company in Malaysia to have three ISO certified companies under its stable.  Tunas Landscape in involved in the provision of landscape architectural services to the group and BKPS provides management services to the group’s completed properties.

Enchanting Lifestyle and Pristine Springs hold a piece of prime land each in Persiaran Madge and Jalan Tun Razak in the Kuala Lumpur city center respectively. Bayland is the developer of VERVE® Suites, Mont’Kiara.

At the signing ceremony to seal the deal between the two groups in Dubai which was attended by more than 150 people, including 90 Malaysians, Bukit Kiara Group Managing Director NK Tong said: “We see great synergy in this merger, especially in the similarities of values and business ethics between the two groups.

“We are passionate about integrity. Al Batha subscribes to a strong code of business ethics. In today’s business world where customers are getting more sophisticated, these two values will go a long way to enhance our businesses with a long term view.”

Relating how this merger came about, NK said: “It was more than three years ago that we first met the representative of Al Batha. We were later introduced to its Vice Chairman, Sheikh Salem.”

“In one of our meetings, I remember a conversation that I had with Sheikh Salem when Al Batha expressed an interest to co-develop our second tower in VERVE® Suites with us.”

I remarked, “You are better off as an investor in the apartment units than as a co-developer, because our profit margins are very reasonable and we offer good value to our customers.”  

“To my surprise, Sheikh Salem replied, “Making a reasonable but not exorbitant profit is good. It is a noble and charitable approach to business, and is also consistent with our values.”

From that day on, my respect for the group was taken to the next level, and everything they have done since has been consistent with what they have shared.”

NK added that while ABBK Holdings now owns the stable of eight property related companies, the group will continue to use Bukit Kiara Properties (BKP) in the Malaysian market to capitalize on its branding effort over the past eight years.

He said that since its formation in the year 2000, BKP has been projected as a property developer of innovative lifestyle.  “The company has since achieved its ISO certification, won several awards and had its logo trademarked and registered. It has also sold properties to more than 700 customers and has held scores of promotions that involved personal contacts with more than 30,000 people.”

“Coupled with the wide publicity that BKP has in the various media, the company must have been exposed to millions of people.” “Therefore the branding effort of BKP has worked out well and we will continue to build on the brand based on the company’s four core values of integrity, caring, innovation and quality,” NK said.

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