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Tuesday, November 8, 2011

GuocoLand proposes to acquire PJ City

GuocoLand (Malaysia) Bhd has proposed to acquire the entire equity interest in PJ City Development Sdn Bhd from GuoLine Asset Sdn Bhd (GASB) for RM29.785 million cash.

PJ City is the beneficial owner of two parcels of land situated in Section 32 in Petaling, Selangor. The lands are located within Section 51A, Petaling Jaya next to the Federal Highway at approximately two kilometres south-west of the city centre of Petaling Jaya and 12 kilometres south-west of the city centre of Kuala Lumpur.

In a filing to Bursa Malaysia today, GuocoLand said it has also proposed to buy PJ Corporate Park Sdn Bhd (PJ Corp) from MPI Holdings Sdn Bhd for RM258,000 cash. PJ Corp is the registered proprietor of the lands.

PJ Corp owns two units of low-cost houses located in Masai, Johor. These houses are residual units from a housing development project undertaken by PJ Corp in the 1980s. The total audited net book value of these two low-cost houses as at June 30, 2011 was RM44,000.

GuocoLand said the proposed acquisitions would enable the group to increase its land banks in strategic locations for future developments and to enhance its earnings.

"As PJ Corp is the registered proprietor of the lands, the proposed acquisition of PJ Corp will enable the group to have better control over the administrative matters in relation to the lands," the company said.

GuocoLand said that the proposed acquisitions are expected to contribute positively to the earnings of the group in future years.

By Bernama

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