The acquisition will be through the issuance of 19,379,845 new ordinary shares of RM0.75 each in SP Setia at an issue price of RM3.87 per share, SP Setia said in a filing to Bursa Malaysia today.
The KLEC project is an integrated commercial and residential development.
The development was master planned by Jerde Partnership, an international award-winning architect and master planner well-known for integrated mixed-use commercial and residential developments.
"The management of SP Setia believes that in addition to the integrated master planning by a world-renowned planner and its plan for green accreditation, the development’s key advantages are its strategic location near the affluent Bangsar area and its connectivity to key roads, highways, the KTM Commuter and the LRT Kelana Jaya lines," it said.
The acquisition resulting in KLEC becoming a wholly-owned subsidiary of SP Setia will enable it to reap the full benefits of the project to be developed.
It is also envisaged that a consolidation of KLEC’s shareholding structure would provide SP Setia and its subsidiaries with greater funding flexibility for the KLEC project, it added.
By Bernama
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