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Thursday, September 9, 2010

Astral unit buys land in Kuantan

PETALING JAYA: Astral Asia Bhd’s 65%-owned subsidiary, Syarikat Ladang LKPP Sdn Bhd, is acquiring 599.4ha in Kuantan from the Pahang State Agricultural Development Corp for a cash consideration of RM4.25mil.

Astral told Bursa Malaysia yesterday that the two parties had decided to revoke their original conditional agreement signed in December 2008 whereby Syarikat Ladang LKPP was to acquire 758.1ha in Kuantan for RM5.37mil.

It said its board felt the proposed acquisition of 599.4ha would be adequate for the initial phases of the development of the proposed Kuantan Hi-Tech Park.

Mah Sing gets green light

PETALING JAYA: Mah Sing Group Bhd has received notification that the Economic Planning Unit had approved its proposed acquisition of 44,313 sq m in Bukit Jelutong, Shah Alam, from Azeera Properties (M) Sdn Bhd for RM31.86mil, it says in a filing with Bursa Malaysia.

With the said approval, the sale and purchase agreement dated July 9 in respect of the proposed acquisition has now become unconditional.

PETALING JAYA: IOI Corp Bhd has completed the transfer of its 55% stake in Projects IOI (Mauritius) Ltd to Jewel Trade DMCC for US$2.75mil, it announced to Bursa Malaysia.

Accordingly, Project IOI (Mauritius) Ltd and its subsidiaries, IOI (India) Projects Private Ltd and A.P. Gems & Jewellery Park Private Ltd have ceased to be its subsidiaries.

The principal activity of Project IOI (Mauritius) Ltd and IOI (India) Projects Private Ltd is investment holding while that of A.P. Gems & Jewellery Park Private Limited is property investment.

By The Star

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