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Friday, October 19, 2007

LBS Bina buys into mixed development project in Sepang


Property developer LBS Bina Group Bhd is acquiring a RM2 company, Misi Aktif Sdn Bhd, which is undertaking a mixed development project on a 21.72ha parcel of land in Sepang, from two individuals for RM7 million.

LBS Bina said yesterday the consideration would be settled via internal funds of RM3 million and the balance via the offset against properties to be determined and mutually agreed upon.

It said the acquisition would enable it to increase its landbank for development in the central region and to generate future revenue. LBS said the consideration took into consideration the discounted cash flow from the future potential earnings from the project.

Its subsidiary LBS Bina Holdings Sdn Bhd yesterday signed a sale of shares agreement with Tan Wei Eng and Tan Sock Chin to acquire the two ordinary shares in Misi Aktif.

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