Diversification takes firm to new heights

 

Incorporated in 1965 as Electrical and Allied Industries Ltd, Karambunai Corp is mainly in leisure and tourism, infrastructure and property development

KARAMBUNAI Corp Bhd (KCB) has come a long way from its days as a manufacturer of air-conditioners and refrigerators.

Incorporated in 1965 as Electrical and Allied Industries Ltd, the company was listed on the main board of Bursa Malaysia Securities Bhd on July 4 1967.

It changed its name to First Allied Corp Bhd on November 1 1983.

In 1984, the company made a decision which would change its entire corporate future, when it diversified into other sectors.

The company announced that it would go into the leisure and tourism market as well as property and construction, manufacturing, trading, infrastructure development, and even aerospace and information technology.

On September 13 1993, the company changed its name to FACB Bhd and later to FACB Resorts Bhd on September 30 1999.

It assumed its present name of KCB on September 30 2004.

Helmed by Malaysian tycoon Tan Sri Dr Chen Lip Keong, KCB is now mainly in leisure and tourism, infrastructure and property development.

The group also dabbles in provision of management services, information technology, consultancy and money lending, on top of trading of wood products and purchasing and sourcing of timber for sale.

According to its 2008 annual report, the leisure and tourism division brings in the biggest chunk of revenue at 49 per cent, followed by property development and construction at 39 per cent, while the rest come from its other divisions.

KCB registered a net loss of RM32.1 million against RM172.5 million revenue for the financial year ended March 31 this year.