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Date: Tue, Dec 29, 2009 at 4:57 PM
Subject: Recommended Article By huat: Delta Leasing acquired for RM2.9 mllion
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Delta Leasing acquired for RM2.9 mllion
Posted By mySarawak On 15/04/2008 (10:00 am) In Sarawak News
SIBU: Delta Leasing Sdn Bhd, a wholly owned subsidiary of Delta Bhd,
was recently acquired by a group of investors led by ex-banker Dr Hii
Sui Cheng for a consideration sum of RM2.9 million.
The deal includes full repayment of borrowing from Delta Bhd before
actual transfer of shares to the new shareholders is carried out.
Hii, who is an existing director of Delta Leasing and the holding
company of Delta Bhd, said: "I see good potential in growing the
business of motor vehicle financing for a reasonable return. The
market is huge and it will always exist. It is really only limited by
how much capital you have to finance the lending activities."
Credit and leasing companies can only rely on shareholders for its
Unlike financial institutions licensed under Bafia (Banking and
Financial Institutions Act), they cannot accept deposits from members
of the public.
Delta Leasing whose lending policies are modelled on the tested
practice common to financial institutions is operating profitably and
for the last five years up to Dec 31, 2007, it has an accumulated
profit after tax exceeding RM3.03 million, 15.1 times its paid up
capital at RM200,000.
Its net earning per share for 2007 stands at RM2.90 for a new return
of 21.9 per cent of shareholders??? fund.
As at Dec 31, 2007, its NPls are less than one per cent of the total
growth loans, reflecting the high quality of its hire purchase loans.
To better serve its customers, the company has relocated to new office
at Jalan Tuanku Osman, Sibu on March 1 this year.
On its future plan, Hii said: "Funds permitting, we will consider
opening new branches in major towns within Sarawak Corridor of Renewal
Energy (SCORE) and in Kuching.
"We will also diversify our income sources by engaging in business
activities which will generate non-interest income. We have identified
insurance services for a start."
Article taken from my Sarawak - http://www.mysarawak.org
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