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Friday, June 5, 2009

Plenitude to increase land bank via proposed acquisition

KUALA LUMPUR: Plenitude Bhd unit Plenitude Permai Sdn Bhd (PPSB) has entered into a share sale agreement to acquire the entire equity interest in Intisari Sanjung (M) Sdn Bhd (Intisari) for RM24.5 million cash.

In a statement June 5, Plenitude said Intisari was the registered proprietor and beneficial owner of 327 separate parcels of leasehold land situated in Mukim Dengkil, Daerah Sepang, Negeri Selangor.

The land, Intisari's core asset, are adjacent to PPSB's existing ongoing mix development project at Taman Putra Prima, it said.

The company said the proposed acquisition would provide the Plenitude group synergy in its property development activities where Intisari was expected to contribute positively to its revenue and profit in the future years.

Plenitude executive chairman Chua Elsie said the proposed acquisition was in tandem with Plenitude's corporate vision of increasing land banks required for its property development business.

"As often-mentioned, we are always on the lookout for a good piece of land. We seize the opportunity when we see one and our healthy balance sheet and cash flow position are able to support us in such prospects," she said.

Chua said the land would be considered for future development of residential and commercial properties.

"It will not only provide our group with a new sustainable source of income but it will also enhance our position in the property development sector," she said.

By The EDGE Malaysia (by Surin Murugiah)

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