Targeted: Bangsar Shopping Centre is among the selected investment assets targeted by Ambang Sehati Sdn Bhd.
PETALING JAYA: Property development company Bandar Raya Developments Bhd (BRDB) has announced a related-party transaction involving its major shareholder Ambang Sehati Sdn Bhd, which has proposed to acquire selected investment assets including The Bangsar Shopping Centre, Menara BRDB, CapSquare Retail Centre and Permas Jusco Mall.
The BRDB board received the letter from Ambang Sehati, which holds 19% interest in the property developer, on Monday to acquire the assets to “enable the group to monetise these assets and achieve a more efficient utilisation of its capital”, drawing the board's attention to the company's shares which had been trading at a significant discount to its net asset value, said the company in an announcement to Bursa Malaysia.
Under the plan, it has proposed to acquire CapSquare Retail Centre, which is currently held by BRDB's wholly-owned subsidiary Capital Square Sdn Bhd; Permas Jusco Mall, owned by BRDB's 99.74%-owned subsidiary Permas Jaya Sdn Bhd; and BRDB's entire 100% equity interest in BR Property Holdings Sdn Bhd, which owns The Bangsar Shopping Centre and Menara BRDB.
BRDB has up to Sept 19 to revert with its decision on the proposed acquisition by Ambang Sehati that would be satisfied fully in cash.
The company proposed to acquire these assets collectively, and not individually or any part thereof, at a purchase consideration to be based on the fair value that would be determined by independent valuers to be appointed based on mutual agreement.
BRDB had appointed CIMB Investment Bank Bhd as its main adviser to evaluate the proposed acquisition from Ambang Sehati.
The company said its board (except for Datuk Mohamed Moiz Jabir Mohamed Ali Moiz, who is the chairman of the board, with deemed interests in the proposed acquisition by virtue of his substantial shareholding in Ambang Sehati) would deliberate on the proposed acquisition and decide on the next course of action with advice from the main adviser. Accordingly, further announcement would be made in due course.
BRDB is known for its development of Bukit Bandaraya in Bangsar, Kuala Lumpur. It also has developments in other areas in the Klang Valley, the Kuala Lumpur city centre in particular, and in Johor.
By The Star
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