KUALA LUMPUR (Dec 9): Property development group, Bertam Alliance Bhd (Bertam Alliance) plans to acquire the remaining 30% equity interest in its subsidiary MV Properties Sdn Bhd (MVPSB) for RM15 million from Miramas Development Sdn Bhd.

According to a filing with Bursa Malaysia today, Bertam Alliance’s wholly-owned subsidiary, Sungei Buan Sdn Bhd will be acquiring MVPSB using internally generated fund.

“The purchase consideration for the proposed acquisition was arrived after taking into consideration of the two parcels of land held by MVPSB,” said the company.

Older filings with Bursa Malaysia revealed that MVPSB had purchased a piece of 11,002 square metres vacant agricultural freehold land in Cheras in August 2011 for RM1.47 million.

Prior to that, in March 2011, MVPSB acquired a 364,100 square foot freehold development land in Cheras for RM24.3 million.

Bertam Alliance closed at 78 sen today, unchanged. Its share price has been on the decline in the last three months falling from a year-to-date high of RM1.17 at the end of July.

Year-to-date, however, Bertam Alliance’s share price has gained 18.18%