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Wednesday, April 18, 2012

LBS Bina in MoU to sell 100% stake in Zhuhai ops for up to HK$1.65bil

KUALA LUMPUR: LBS Bina Group Bhd is looking to sell up to 100% of two companies involved in golf club operations and property development projects in Zhuhai, China for an estimated HK$1.65bil.

LBS had on Wednesday signed a signed a memorandum of understanding (MoU) with Hong Kong Stock Exchange-listed Jiuzhou Development Company Ltd's unit to dispose of up to 100% but not less than 60% equity interest in Dragon Hill Corp Ltd.

LBS managing director Datuk Lim Hock San said the MoU provided for the parties to negotiate exclusively with each other and finalise the scope and terms of a sale and purchase agreement.

The MoU will kick start negotiations for Jiuzhou Development's unit Jiuzhou Technology Company Ltd to acquire Dragon Hill, which through its two subsidiaries, own and operate the 36-hole Lakewood Golf Club and its adjoining property development project in Zhuhai.

By The Star

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