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Monday, April 19, 2010

Bolton completes Prima Nova acquisition

BOLTON Bhd announced today that it has, through wholly-owned subsidiary Majestic Focus Sdn Bhd, completed the acquisition of the remaining 500,000 ordinary shares of RM1 each in Prima Nova Harta Development Sdn Bhd for a total of RM28.04 million.

The acquisition will enable Bolton, via Majestic Focus, to have full control of Prima Nova and to consolidate 100 per cent of the future results of Prima Nova, the group said in a filing to Bursa Malaysia.

This was in line with the group's focus on its core business of property development and to enhance the group's future development earnings, it said.

Prima Nova has created a strong brand under "Taman Tasik Prima" for its middle to high-end residential properties in Puchong with a 345-acre mixed develpment, it added.

Bolton said Taman Tasik Prima's future development will include mixed residential and commercial development of about 3,000 units of terrace houses, low- and medium-cost flats, service apartments, showroom shops and a retail mall with a net lettable area of 250,000 square feet.

It will be developed over the next seven years with expected gross development value and gross development cost of RM650 million and RM500 million respectively.

By Business Times

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