Luminari Property Berhad raised RM7.44 million through preference shares for an investment associated with the Remember The Villa project. The investment materials identified land acquisition, construction, renovation and working capital as purposes of the fundraising.
Yet the project land was registered to PDI Design & Associates Sdn Bhd, rather than Luminari.
That distinction matters to investors. Raising money for a property project, owning the land and having enforceable rights over that land are separate things. Shareholders need a documented explanation of how their investment was protected, what rights Luminari obtained and how their redemption obligations would be met.
What was the RM7.44 million intended to fund?
The share-capital information records RM7.44 million in preference shares issued for cash. The investment term sheet described the intended use of funds for the Private Retreat Villas, including acquisition of land and development expenditure.
The central question is how those stated purposes were implemented.
A complete explanation should reconcile the money raised with the amounts spent, the recipients of those payments and the assets or enforceable rights obtained by Luminari.
Sources: SSM share-capital information and RPS term sheet.
Who held the land—and what did Luminari own?
The land search identifies PDI Design & Associates Sdn Bhd as the registered proprietor. The 2025 shareholder materials identify that company as owned by Dato’ Tan Su Cheng.
Luminari’s FY2017 audited accounts also describe the land as belonging to a director-linked company and refer to a Power of Attorney.
These records raise a specific issue: what legal and economic rights did Luminari receive over the property?
A Power of Attorney should be examined alongside the underlying agreements. Its existence alone does not answer who owns the property, who is entitled to sale proceeds or what protections preference shareholders can enforce.
Shareholders need access to the relevant agreements, payment records and any documents governing Luminari’s interest in the land and buildings.
Sources: Bentong land search, dated 14 May 2026; FY2017 audited accounts, Note 4; 16 April 2025 meeting minutes, page 3.
What happened to preference-share redemption?
The investment term sheet described a five-year tenure, extendable by up to two years, with redemption at the subscription price if no prescribed exit mechanism was exercised.
According to the signed minutes of the shareholder meeting on 16 April 2025, the chairman stated that the company could not redeem its redeemable preference shares because of its financial loss position.
That statement requires a clear explanation of the applicable redemption terms, the position of each shareholder’s investment and the steps proposed to address outstanding obligations.
Shareholders should be given a written account of any extensions, changes to terms, redemptions already completed and amounts remaining outstanding.
Sources: RPS term sheet and signed meeting minutes of 16 April 2025.
What did the financial records show?
The FY2023 financial information summarised for this article records:
| Item | Reported amount |
|---|---|
| Revenue | RM0 |
| Loss after tax | RM547,386 |
| Accumulated retained losses | RM3,417,559 |
| Current assets | RM14,667 |
| Current liabilities | RM1,117,935 |
These are historical figures for FY2023. Shareholders need subsequent financial statements and an explanation of the company’s present assets, liabilities and capacity to meet its obligations.
Source: FY2023 SSM financial information.
What would a property sale mean for shareholders?
The April 2025 shareholder materials describe approval of a mandate to pursue disposal of the Bentong land and villa at not less than RM14.5 million.
The original investment term sheet described a sale exit mechanism involving a minimum price of RM20 million.
The relationship between those provisions requires explanation. Approval to pursue a disposal does not, by itself, establish that a sale occurred or determine how its proceeds would be distributed.
Shareholders need to know the seller, the property interests being sold, any secured debts or other deductions, and the amount—if any—that would become available to Luminari and its preference shareholders.
Sources: original RPS exit provisions and meeting minutes of 16 April 2025, page 3.
Where does Antharas fit?
Antharas’s own website lists Dato’ Dr. Su Cheng Tan as its Chief Executive Officer, Chairman and Director. Read the Antharas management page.
An Antharas registration-statement amendment filed with the US Securities and Exchange Commission describes PDI Design & Associates Sdn Bhd, abbreviated as PDIA, as 80.5% owned by Tan. It also describes PDIA as a supplier of design and interior fit-out services to Antharas Hills.
The filing expressly distinguishes PDIA from PDI Design and Technologies Sdn Bhd, Antharas’s technology subsidiary. These are different companies despite their similar names. Read the Antharas SEC filing: Business and Related Party Transactions.
Those disclosures establish business connections relevant to understanding the entities involved. They do not establish that Antharas owns Luminari’s project land, received Luminari’s investment funds or assumed Luminari’s redemption obligations.
The answers shareholders are seeking
- How was the RM7.44 million applied, supported by a complete reconciliation?
- Why was the project land registered to PDI Design & Associates rather than Luminari?
- What enforceable rights did Luminari obtain over the land, buildings and sale proceeds?
- What is the documented position on preference-share redemption?
- Has a disposal occurred, and how would any proceeds be allocated?
- What is the current status of the private caveat identified in the land records?
Source references
The Luminari records referenced in this article are identified below. Copies are not reproduced on this page.
- SSM company information: Luminari Property Berhad share-capital information and financial information for FY2023.
- Luminari RPS term sheet: investment purposes, tenure, redemption and exit provisions.
- Bentong land search: Catatan Carian Persendirian, dated 14 May 2026; H.S.(D) 9862, PT 13737, Mukim Bentong.
- Luminari FY2017 audited financial statements: Note 4, concerning the project property and Power of Attorney.
- Signed preference shareholders’ meeting minutes: 16 April 2025; proposed disposal mandate on page 3 and the discussion of redemption.
- Antharas public disclosures: management page and Form F-1/A registration-statement amendment.
Responses, corrections and further records
Tan Su Cheng, Luminari Property Berhad, PDI Design & Associates and Antharas are invited to provide documentary responses concerning their respective roles.
This article presents shareholder concerns and identifies questions arising from the cited records. It does not present those questions as findings of fraud or criminal wrongdoing.
Corrections and responses should identify the relevant passage and include supporting documents. Any updates should be dated so readers can distinguish the historical record from subsequent developments.