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Thursday, October 29, 2009

Mah Sing buys land worth RM927m

Refer Updated here: Mah Sing clarifies

Property developer Mah Sing Group Bhd is buying two plots of land worth a combined RM927 million in Selangor, it told Bursa Malaysia yesterday.

It plans to develop the two plots, a 10.53ha land in Selayang and a 7.938ha land in Petaling Jaya, for residential and commercial purposes respectively.

Mah Sing also proposed a private placement of up to 63 million new shares, about 10 per cent of its paid-up share capital.

The placement will be done in several tranches and the issue price will be at a discount of not more than 10 per cent based on the five-day weighted average market price of the share or the par value of 50 sen each share.

Proceeds will be used to strengthen its financial position and reduce borrowings.

The company also proposed a bonus issue of up to 151.3 million new shares on the basis of one bonus share for every five shares held.

By Business Times

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