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Thursday, March 18, 2010

Templeton buys 5% stake in developer KSL

PETALING JAYA: The Templeton Emerging Markets Group of Franklin Templeton Investments has acquired a 5% stake in property developer KSL Holdings Bhd.

The 5% stake half of the 10% stake or 35.1 million new shares placed out by KSL.

The private placement was completed following the listing of the new shares on March 12.

Templeton executive chairman Mark Mobius was quoted in a Bloomberg report as saying that he was impressed with KSL’s diversified property project and business model.

“Our investment will provide support for the company’s continued growth and presence in the fast-growing Malaysian market,” he said.

KSL executive director Ku Tien Sek said he “felt good” about the acquisition by Templeton.

“They like our management style,” he said when contacted by StarBiz.

Ku said the remaining 5% was acquired by a mix of local and foreign fund managers. He also said KSL would be launching its maiden project in Klang within the next three months.

“It is a mixed residential township and will have a gross development value worth RM2.5bil. We have a 450-acre plot next to Bukit Tinggi 3 in Klang,” he said, adding that the company had not come up with a name for the project.

Ku said KSL currently had four projects in Johor.

“One is a shopping mall-cum-hotel and service apartments development while the other three projects are townships.”

On the outlook for the property sector this year, he said: “This year should be good. Interest rates are still low.”

By The Star

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