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Friday, April 8, 2011

MRCB to buy 59 Inc for RM110mil

PETALING JAYA: Malaysian Resources Corp Bhd plans to acquire 59 Inc Sdn Bhd for RM110mil to expand its land bank.

It told Bursa Malaysia yesterday that it entered into a share sale agreement with Fadzil Ahmad, Usman Suratman and Mohd Shamir Mohd Hassan to buy 59 Inc - a company granted approval by the land office as the owner of three plots of vacant government land in Setapak measuring 27.41 acres for purposes of mixed development.

The land is to be developed from 2012 over eight years into a mixed development comprising both commercial and residential properties with a gross development value of RM1.5bil and a total development cost of RM1.2bil.

By The Star

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