Who exactly owns Nusmetro Ventures (P) Sdn Bhd, the developer of the Oasis luxury condominium project?
According to the latest records for the developer filed with the Companies Commission of Malaysia, Asia Link-up Sdn Bhd holds 96 per cent of the RM250,000 issued share capital of Nusmetro Ventures (P) Sdn Bhd.
That makes Nusmetro Ventures (P) Sdn Bhd almost a wholly owned subsidiary of Asia Link-up.
But who owns Asia Link-up then? It’s now time to lift its corporate veil as well.
According to the Companies Commmission, Asia Link-up documents registered as at 24 April 2009 show that Mohamad Faridz Karim of Balik Pulau owns 80 per cent of the company’s RM500,000 issued share capital. Faridz has also been director of Asia Link-up since October 2004 and director of its subsidiary, Nusmetro Ventures (P) Sdn Bhd, since April 2005.
So that makes Faridz one of the key men on the developer’s side.
Apart from Faridz, Leow Yin Fun of Setapak is the other director of Asia Link-up and owns the remaining 20 per cent of shares in the firm. Leong Wai Pun of KL is company secretary.
Surprisingly (or perhaps not surprisingly), Asia Link-up’s nature of business – like developer Nusmetro Ventures’ – is described as “dormant”.
Asia Link-up is even smaller than Nusmetro.
Its non-current assets as at 30 September 2008 amount to RM48,000.
Its current assets total RM431,000 while there are hardly any current liabilities.
The issued share capital is RM500,000 while total reserves is negative RM22,000.
The firm made a loss of RM4,000 for the year ended 30 September 2008.
As mentioned above, Asia Link-up controls 96 per cent of the developer.
The other 4 per cent is owned by Nusmetro Development Sdn Bhd, which is involved in “project management”. Its directors are Au Chee Kuan from Damansara Jaya and Ho Yuen Kong from PJ. Lam Chung Fatt from Batu Caves is company secretary. Its latest financial information found with the Companies Commission is for 2003, when it posted a profit before tax of RM1.3 million on the back of turnover of RM47.4 million.