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Iconic Worldwide Announces New Controlling Shareholder & Major Group Strategy Update

PENANG: Iconic Worldwide Berhad (“Iconic Worldwide” or “the Group”), a prominent player in tourism, property development, and personal protective equipment manufacturing, is undergoing a transformative phase with Dato’ Seri Tan Kean Tet emerging as the new controlling shareholder and Executive Chairman. This pivotal change heralds a strategic shift aimed at maximizing the potential of the Group’s property development and hospitality management arms.

Dato’ Seri Tan Kean Tet, Iconic Worldwide’s Executive Chairman

Following a highly successful corporate manoeuvre that raised RM95.6 million through a rights issue oversubscription, Dato’ Seri Tan Kean Tet’s stake in Iconic Worldwide has surged to 36.59%. As per Bursa Malaysia’s regulations, this positions him as the controlling shareholder, steering the Group into a new era of growth and innovation.

Expressing optimism about the prospects in Penang’s real estate and hospitality sectors, Dato’ Seri Tan Kean Tet outlined a vision for ambitious ventures in both domains. The Group is initiating discussions with potential collaborators for large-scale township and industrial projects across Malaysia, capitalizing on the nation’s allure for foreign and domestic investments.

In parallel, Iconic Worldwide is exploring substantial hospitality ventures, including resorts, villas, and theme parks, to augment Penang’s status as a premier tourist destination. Anticipating a surge in tourism fuelled by initiatives like visa-free travel for Chinese and Indian tourists and the expansion of Penang International Airport, Dato’ Seri Tan Kean Tet underscores the strategic significance of these developments.

In a strategic move to fortify its presence in the hospitality sector, Iconic Worldwide is set to manage Iconic Regency, a towering, serviced apartment complex in Sungai Nibong. Comprising 268 lavish units, this venture, adjacent to the esteemed Iconic Marjorie hotel, promises to elevate the Group’s hospitality portfolio.

Furthermore, the recent soft launch of Iconic Harmony in Bukit Mertajam garnered remarkable success, with a staggering 70% take-up rate within two days. This milestone underscores the Group’s trajectory towards profitability by FY25, propelled by strategic residential and commercial developments.

In a bold move reflecting confidence in Penang’s real estate market, Iconic Worldwide has allocated a significant portion of its recent capital raise to acquire a prime parcel of land in Paya Terubong. The Group intends to propose a residential development project to the Penang state authorities, with a projected GDV exceeding RM300 million, showcasing its commitment to pioneering ventures in the region.

Iconic Worldwide’s strategic recalibration under Dato’ Seri Tan Kean Tet’s leadership marks a defining moment in its journey, promising innovative ventures and sustainable growth in the dynamic realms of property development and hospitality management.

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