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Wednesday, October 5, 2011

Mah Sing buys Semai Meranti

Mah Sing Bhd is acquiring the entire issued and paid-up share capital of Semai Meranti Sdn Bhd for RM57 million, which will make the latter its wholly-owned subsidiary when the purchase is completed in the first quarter of next year. Semai Meranti is the registered and beneficial owner of all parcels of contiguous freehold development land within the Northern Growth Corridor in Rawang measuring about 90.28 hectares.

The company, in a filing to Bursa Malaysia, today said the land would be developed into a lifestyle township, namely M Residence@Rawang, with an estimated gross development value of about RM948 million.

It said the proposed development, to be developed between three and four years, would commence construction by the first half of next year.

The proposed acquisition would allow Mah Sing to lock in large tract of development land at attractive prices for township development.

By Bernama

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