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Wednesday, April 18, 2012

LBS Bina to reap RM650m from sale

Property developer, LBS Bina Group Bhd, is expected to reap RM650 million from the proposed sale of its China project.

In a statement, LBS said its wholly-owned subsidiary, Intellplace Holdings Limited, today signed a Memorandum of Understanding (MOU) for the sale of the group's equity in two of its companies involved in golf club operations and property development projects in Zhuhai, China.

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 was signed with Jiuzhou Technology Company Limited (JDX), a wholly-owned subsidiary of Jiuzhou Development Company Limited (JDCL), currently listed on the Hong Kong Stock Exchange.

The MOU will kick start negotiations for JDX to acquire up to 100 per cent (but not less than 60 per cent) stake in Dragon Hill Corp Ltd, which is a wholly-owned subsidiary of Intellplace Holdings Limited.

Dragon Hill, through its subsidiaries, own and operate the 36-hole Lakewood Golf Club and its adjoining property development project in Zhuhai.

The proposed sale to JDX is worth up to HK$1.65 billion and will be settled by payment in cash, equity shares in JDCL, convertible securities and/or other means which shall be mutually agreed by the parties.

"The proposed sale is a win-win deal for the parties. Further updates will be provided when there are material developments," Lim added.

By Bernama

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