Malaysia Property News is a free resource website sharing Daily Property News & information about Property in Malaysia, which related to, Property Market, Property Investment, Commercial Property , Hot Properties Malaysia, Real Estate, Retail Shop, Business Park, Condominium Malaysia, Terraces & Apartment Malaysia, Houses, Residence, Resort and many more.

Monday, July 25, 2011

SP Setia buys 40pc of KL Eco City for RM75m

KUALA LUMPUR: Property developer SP Setia Bhd has proposed to acquire 40 per cent equity interest in KL Eco City Sdn Bhd(KLEC) from Yayasan Gerakbakti Kebangsaan for RM75 million.

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

No comments: