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Wednesday, June 25, 2008

UEM Land signs pacts to buy properties

UEM Land Bhd, a subsidiary of UEM World Bhd and the master developer of Nusajaya, has signed agreements with UEM Builders Bhd and UEM Group Bhd to acquire properties to enhance and expand its property business in Nusajaya.

The consideration for these properties, estimated at RM155 million, is proposed to be satisfied via the issuance of mandatory convertible redeemable preference shares (MCRPS) of RM0.01 each in UEM Land or a holding company to be identified (and to be listed), at an issued price of RM1.00 for each MCRPS.

In a statement in Kuala Lumpur yesterday, UEM Land said UEM Builders has proposed to offer its shareholders the MCRPS to be received as consideration for the sale of properties under a non-renounceable restricted offer for sale (ROS).

UEM Group has also provided an undertaking to acquire all the MCRPS under the ROS.

“This ensures that UEM Builders will receive cash for the properties that it disposes of to UEM Land and at the same time give its shareholders a first right of refusal to buy the MCRPS,” it said.

UEM World managing director/chief executive officer, Datuk Ahmad Pardas Senin, said the acquisition was part of the on-going process by UEM Land to manage and consolidate its landbank in Nusajaya.

By Bernama

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