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Saturday, June 11, 2011

LBS Bina to buy rest of Astana

LBS Bina Group Bhd's wholly owned unit, LBS Bina Holdings Sdn Bhd (LBSBH), has agreed to buy the remaining 35 per cent stake in its subsidiary, Astana Modal (M) Sdn Bhd (AMMSB), from one of its directors for RM25.8 million.

LBSBH currently holds 65 per cent stake in AMMSB and wants to gain full potential earnings derived from the D'Island Residence project.

It is a self-contained township with an estimated total gross development value of RM2.9 billion.

AMMSB is the joint developer of the D'Island project together with Kumpulan Darul Ehsan Bhd.

By Business Times

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