CREST Builder Holdings Bhd wholly-owned subsidiary Crest Builders Sdn Bhd (CBSB) has proposed to acquire 2.532ha in Sungai Buloh, Selangor, from Saujana Triangle Sdn Bhd for RM37.113mil.
The acquisition amount is to be satisfied by setting off the same amount against the total contract sum payable by Saujana Triangle to CBSB.
In a filing with Bursa Malaysia, Crest Builder said the proposed acquisition provided an opportunity for it and its subsidiary to increase their landbank and to own a piece of strategically located land that could be developed.
It was also to reduce part of the total amount receivable by CBSB from Saujana Triangle in the ordinary course of business.
The proposed acquisition was expected to be completed by latest mid-2009, it said.
By The Star
Monday, February 23, 2009
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