DailySpaceAsian Pac Holdings Berhad
4057 · Main Market主板（Main Market） · annual reports 2024 to 2026, 1871 entries read2024 至 2026 年报，共读出 1871 条
The company这家公司
Asian Pac Holdings Berhad operates principally in Malaysia across property development, mall operations, car park operations, land and office properties, and investment holding.Asian Pac Holdings Berhad 主要在马来西亚营运，业务涵盖房地产开发、商场营运、停车场营运、土地与写字楼物业以及投资控股。
Source: annual report 2024, pages 185, 188; annual report 2026, page 259.出处：2024 年年报第 185、188 页；2026 年年报第 259 页。
In 2026, external revenue by business segment was RM212.6 million from property development, RM106.5 million from mall operations, and RM20.2 million from car park operations.2026 年，外部营业额按业务部门划分为：房地产开发 RM212.6 million、商场营运 RM106.5 million，以及停车场营运 RM20.2 million。
Source: annual report 2026, pages 54, 60, 65, 257.出处：2026 年年报第 54、60、65、257 页。
Mah Sau Cheong is the largest shareholder, holding 476,070,724 shares (31.98%) in 2026, alongside a deemed interest of 5,260,000 shares (0.35%) by virtue of his spouse.Mah Sau Cheong 是最大股东，在 2026 年持有 476,070,724 股（31.98%），并通过配偶拥有 5,260,000 股（0.35%）的视同权益。
Source: annual report 2026, page 262.出处：2026 年年报第 262 页。
His shareholdings in the thirty largest holders include 280,000,000 shares (18.807%) and 120,000,000 shares (8.060%) in his own name, and 75,000,000 shares (5.037%) under RHB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Mah Sau Cheong.在三十大股东名册中，其持股户头包括以其本人名义持有的 280,000,000 股（18.807%）与 120,000,000 股（8.060%），以及以 RHB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Mah Sau Cheong 名义持有的 75,000,000 股（5.037%）。
Source: annual report 2026, page 261.出处：2026 年年报第 261 页。
Dato' Mustapha Bin Buang, appointed Managing Director in 2001, was redesignated as Chairman of the Board on 1 August 2024 following the retirement of Tan Sri Dato' Seri (Dr) Hj Megat Najmuddin Bin Datuk Seri Dr Hj Megat Khas on 31 July 2024. Mr Chai Yee Choong was appointed Chief Executive Officer on 2 February 2024 and resigned on 1 December 2025. None of the Directors has any family relationship with any director or major shareholder.Dato' Mustapha Bin Buang 于 2001 年获委任为董事经理，在 Tan Sri Dato' Seri (Dr) Hj Megat Najmuddin Bin Datuk Seri Dr Hj Megat Khas 于 2024 年 7 月 31 日退休后，于 2024 年 8 月 1 日调任为董事会主席。Mr Chai Yee Choong 于 2024 年 2 月 2 日出任行政总裁，后于 2025 年 12 月 1 日辞任。董事之间及与主要股东之间均无任何亲属关系。
Source: annual report 2024, page 63; annual report 2025, pages 63, 70; annual report 2026, pages 103, 112.出处：2024 年年报第 63 页；2025 年年报第 63、70 页；2026 年年报第 103、112 页。
Revenue by segment, 20262026 年各部门营业额
Source: annual report 2026, page 257.出处：2026 年年报第 257 页。
Major events大事记
Source: annual report 2024, page 165.出处：2024 年年报第 165 页。
Source: annual report 2024, page 63.出处：2024 年年报第 63 页。
Source: annual report 2024, page 162.出处：2024 年年报第 162 页。
Source: annual report 2025, page 70.出处：2025 年年报第 70 页。
Source: annual report 2025, page 18.出处：2025 年年报第 18 页。
Source: annual report 2025, page 15.出处：2025 年年报第 15 页。
Source: annual report 2025, page 147; annual report 2026, page 52.出处：2025 年年报第 147 页；2026 年年报第 52 页。
Source: annual report 2025, page 159.出处：2025 年年报第 159 页。
Source: annual report 2026, page 112.出处：2026 年年报第 112 页。
Source: annual report 2026, page 12.出处：2026 年年报第 12 页。
Source: annual report 2026, page 110.出处：2026 年年报第 110 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, liabilities and borrowings总资产、总负债与借款
20242024 年
Net cash from operating activities was RM10.6 million. Drawdown of loans was RM320.4 million while repayments of loans and borrowings totalled RM312.9 million, with interest paid of RM35.7 million. Wholly owned subsidiary AGB Properties Sdn. Bhd. issued 35,000,000 redeemable preference shares of RM1.00 each for proceeds of RM34.2 million to Areca Progressive Income Fund. Leasehold land in Selangor valued at RM26.0 million was reclassified to current assets held for sale following an agreement to dispose of it for RM26,143,386. Net fair value gain on investment properties totalled RM21.5 million. No dividend was declared or paid.营运活动所得现金净额为 RM10.6 million。提取贷款 RM320.4 million，偿还贷款与借款总计 RM312.9 million，已付利息 RM35.7 million。全资子公司 AGB Properties Sdn. Bhd. 向 Areca Progressive Income Fund 发行 35,000,000 股每股面值 RM1.00 的可赎回优先股，获得款项 RM34.2 million。位于雪兰莪价值 RM26.0 million 的租赁土地在达成以 RM26,143,386 出售的协议后重新分类为持作出售资产。投资产业公允价值收益净额共计 RM21.5 million。未派发或宣派股息。
Source: annual report 2024, pages 23, 24, 95, 112, 162, 165.出处：2024 年年报第 23、24、95、112、162、165 页。
20252025 年
Net cash from operating activities was RM115.1 million. Spending on investment properties was RM43.8 million, while proceeds from the disposal of non-current assets held for sale were RM26.1 million. Loan repayments of RM259.2 million exceeded loan drawdowns of RM238.9 million, interest paid was RM39.4 million, and RM25.0 million was used for partial redemption of preference shares. Net fair value gain on investment properties totalled RM110.4 million. Provision for liquidated ascertained damages of RM17.7 million was reversed following a court appeal decision. No dividend was declared or paid.营运活动所得现金净额为 RM115.1 million。投资产业支出为 RM43.8 million，脱售持作出售非流动资产所得款项为 RM26.1 million。偿还贷款 RM259.2 million 高于提取贷款 RM238.9 million，已付利息 RM39.4 million，并使用 RM25.0 million 进行优先股部分赎回。投资产业公允价值收益净额共计 RM110.4 million。因上诉法院裁决，违约赔偿金拨备 RM17.7 million 予以回拨。未派发或宣派股息。
Source: annual report 2025, pages 29, 30, 91, 108.出处：2025 年年报第 29、30、91、108 页。
20262026 年
Net cash from operating activities was RM34.9 million. Additions to investment properties took RM122.7 million, which included the acquisition of Imago Jaya Mall for RM100.0 million in July 2025, while disposal of non-current assets held for sale brought RM61.4 million. Cash from financing included loan drawdowns of RM298.0 million and proceeds of RM38.8 million from the issuance of preference shares, against loan repayments of RM260.3 million, redemption of the remaining RM10.0 million preference shares, and interest paid of RM37.6 million. Net fair value gain on investment properties totalled RM130.6 million. No dividend was declared or paid.营运活动所得现金净额为 RM34.9 million。投资产业添置支出 RM122.7 million，其中包括于 2025 年 7 月以 RM100.0 million 收购 Imago Jaya Mall，而脱售持作出售非流动资产带来 RM61.4 million。融资现金包括提取贷款 RM298.0 million 以及发行优先股所得款项 RM38.8 million；偿还贷款为 RM260.3 million，赎回剩余 RM10.0 million 优先股，已付利息 RM37.6 million。投资产业公允价值收益净额共计 RM130.6 million。未派发或宣派股息。
Source: annual report 2026, pages 51, 52, 53, 131, 154, 155.出处：2026 年年报第 51、52、53、131、154、155 页。
Across the three years三年合看
Net fair value gains on investment properties added RM21.5 million in 2024, RM110.4 million in 2025, and RM130.6 million in 2026 to operating profits. Loans and borrowings were above RM500 million at each year end. No dividend was declared or paid to company shareholders in any of the three financial years.投资产业公允价值收益净额在 2024 年增加 RM21.5 million，2025 年增加 RM110.4 million，2026 年增加 RM130.6 million 计入营运利润。各年末贷款与借款均高于 RM500 million。三个财政年度均未向本公司股东宣派或派发股息。
Source: annual report 2024, pages 23, 95; annual report 2025, pages 30, 91; annual report 2026, pages 51, 131.出处：2024 年年报第 23、95 页；2025 年年报第 30、91 页；2026 年年报第 51、131 页。
Still to be spent尚未支出的承诺
In 2024, the Group had no capital commitments. At the end of 2025, approved and contracted capital commitments were RM90.0 million for the acquisition of investment property. At the end of 2026, approved and contracted capital commitments were RM90.0 million for the acquisition of investment property and RM37.8 million for the acquisition of 100% equity interest in a company.2024 年集团没有资本承诺。2025 年底，已批准并签约的收购投资产业资本承诺为 RM90.0 million。2026 年底，已批准并签约的资本承诺包括 RM90.0 million 用于收购投资产业，以及 RM37.8 million 用于收购一家公司的 100% 股权。
Source: annual report 2024, page 188; annual report 2025, page 189; annual report 2026, page 259.出处：2024 年年报第 188 页；2025 年年报第 189 页；2026 年年报第 259 页。
Four years of figures四年数字
Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。
| Group集团 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 221,738 | 295,956 | 348,280 | 350,944 |
| Profit before tax税前盈利 | 13,987 | 39,356 | 163,145 | 157,346 |
| Profit for the year年度盈利 | 3,403 | 25,914 | 121,051 | 103,878 |
| of which net fair value gain on investment properties其中：投资产业公允价值收益净额 | 13,340 | 21,503 | 110,357 | 130,614 |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | (2,492) | 10,644 | 115,129 | 34,874 |
| Total assets总资产 | 2,107,906 | 2,197,175 | 2,261,929 | 2,485,900 |
| Total liabilities总负债 | 1,037,210 | 1,099,351 | 1,048,851 | 1,138,145 |
| Total equity总权益 | 1,070,696 | 1,097,824 | 1,213,078 | 1,347,755 |
| Loans and borrowings贷款与借款 | 516,682 | 560,358 | 517,045 | 546,265 |
| Cash and bank balances现金与银行结余 | 52,225 | 53,449 | 62,717 | 49,058 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
| What the reports said年报说要做的 | What later reports show之后年报显示的 | Status状态 |
|---|---|---|
| Targeted to deliver vacant possession of Mahogany Residences before the end of 2024目标在 2024 年底前交付 Mahogany Residences 的空置占有权 | Handed over vacant possession to buyers in September 2024于 2024 年 9 月向买家交付空置占有权 Source: annual report 2024, pages 12, 26; annual report 2025, pages 18, 33.出处：2024 年年报第 12、26 页；2025 年年报第 18、33 页。 | Delivered in September 2024于 2024 年 9 月交付 |
| Scheduled to launch the next tower blocks of Surya PJ South before the end of 2024原定于 2024 年底前推出 Surya PJ South 的下一批住宅大楼 | The 2025 report deferred the launch of the next tower blocks to late 2025, and the 2026 report shows Phase Two Dwi Aurora launched after Phase One sold out2025 年报将下一批大楼的推出推迟至 2025 年底，2026 年报显示一期售罄后已推出第二期 Dwi Aurora Source: annual report 2024, pages 11, 26; annual report 2025, pages 17, 31; annual report 2026, page 28.出处：2024 年年报第 11、26 页；2025 年年报第 17、31 页；2026 年年报第 28 页。 | Rescheduled and launched later延期后推出 |
| Planned to expand Imago by adding approximately 90,000 sf of net leasable area online around the second half of 2025计划扩建 Imago 增加约 90,000 平方英尺净可出租面积，预计 2025 年下半年投运 | Commenced basement expansion in July 2024 and completed approximately 125,000 square feet of additional retail space in October 2025, officially opening in December 2025于 2024 年 7 月启动地下层扩建，并在 2025 年 10 月完成约 125,000 平方英尺的额外零售空间，于 2025 年 12 月正式开业 Source: annual report 2024, pages 30, 33; annual report 2025, page 37; annual report 2026, pages 12, 61.出处：2024 年年报第 30、33 页；2025 年年报第 37 页；2026 年年报第 12、61 页。 | Completed with larger area扩建完成且面积扩大 |
| Aimed to expand managed car parking bays from approximately 8,100 to 15,000 bays by the financial year ending 2026目标在 2026 财政年度结束前将管理的停车位从约 8,100 个扩大至 15,000 个 | Managed bays reached approximately 8,800 across eight sites in 2025 and approximately 8,900 bays in 20262025 年在八个地点管理约 8,800 个停车位，2026 年管理约 8,900 个停车位 Source: annual report 2024, page 35; annual report 2025, page 40; annual report 2026, page 50.出处：2024 年年报第 35 页；2025 年年报第 40 页；2026 年年报第 50 页。 | Below target at 8,900 bays未达目标，为 8,900 个车位 |
| Pursued GreenRE Bronze certification for Mahogany Residence while under construction在 Mahogany Residence 施工期间争取 GreenRE 铜级认证 | The project was pending certification in 2025 and achieved GreenRE Bronze certification in 2026该项目在 2025 年待获认证，并在 2026 年取得 GreenRE 铜级认证 Source: annual report 2024, page 47; annual report 2025, page 50; annual report 2026, page 77.出处：2024 年年报第 47 页；2025 年年报第 50 页；2026 年年报第 77 页。 | Achieved已取得 |
What the reports leave open年报留下待看的事
- Capital commitments approved and contracted for the acquisition of 100% equity interest in a company amounting to RM37.8 million at end 2026.2026 年底已批准并签约收购一家公司 100% 股权的资本承诺为 RM37.8 million。
Source: annual report 2026, page 259.出处：2026 年年报第 259 页。
- Collection of the remaining deferred consideration of RM26.3 million receivable for the disposal of freehold land in Selangor, payable within 24 months.脱售雪兰莪永久土地剩余的 RM26.3 million 递延应收款项回收情况，须在 24 个月内支付。
Source: annual report 2026, page 219.出处：2026 年年报第 219 页。
- The planned launch of The Westbourne residential project in Kota Kinabalu, scheduled for the fourth quarter of 2026.亚庇 The Westbourne 住宅项目的计划推出，原定于 2026 年第四季度。
Source: annual report 2026, page 55.出处：2026 年年报第 55 页。
- Appointment of a permanent Chief Executive Officer or Executive Director following the resignation of Mr Chai Yee Choong in December 2025.Mr Chai Yee Choong 于 2025 年 12 月辞职后，永久行政总裁或执行董事的物色与委任。
Source: annual report 2026, pages 3, 106, 112.出处：2026 年年报第 3、106、112 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-02.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-11-02。