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Wednesday, December 31, 2008

HICOM Properties buying Benua Kurnia and Neraca Prisma for RM722mil

KUALA LUMPUR: HICOM Properties Sdn Bhd will acquire the entire equity interest in both Benua Kurnia Sdn Bhd and Neraca Prisma Sdn Bhd for a total purchase consideration of RM722.463mil.

In a filing to Bursa Malaysia, DRB-HICOM said its wholly-owned subsidiary signed an agreement with vendors Datuk Ahmad Abdullah and Mohd Nazree Abu Kassim to acquire the stakes.

Benua Kurnia and Neraca Prisma own three parcels of freehold land spanning 606.8ha in Johor Baru.

DRB-HICOM said it would dispose five pieces of its plantation land at RM341.74mil to the vendors and the issuance of bank guarantee facility amounting to RM238.95mil to satisfy the purchase consideration.

The balance of RM141.77mil would be paid by cash, it added.

The proposed acquisition of the development land would enable the group to immediately replenish the diminishing landbank for its future business growth and sustainable earnings, DRB-HICOM said.

The land had good development potential, being located in a prime location surrounded by matured potential development, the group said.

In addition, the land is located within the Economic Zone E Senai-Skudai of Iskandar Malaysia.

The proposed acquisition was in line with the group’s core business competencies and is a significant step towards ensuring future sustainable growth for its property development division, DRB-HICOM said.

It is expected to be completed after the financial year ending March 31, 2009.

By Bernama

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