Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 10): Property firms OSK Property Holdings Bhd and PJ Development Holdings Bhd (PJD), both controlled by the family of veteran stockbroker Tan Sri Ong Leong Huat, have today confirmed the merger talks.

“We wish to confirm that the company is presently negotiating for a possible merger and consolidation exercise involving PJ Development. However, the structure has not been finalised and no definitive agreement has been executed, as at to-date,” OSK Property told the stock exchange this evening.

Separately, PJD also made the same announcement on Bursa Malaysia.

Ong, who is the common major shareholder of PJD and OSK Property, had on Thursday (Oct 9) reportedly said that the merger will materialise “quite soon”.

He also highlighted the consolidation of the two will create the country’s first-tier property group, with stronger financial muscle, higher efficiency, as well as attracting top talent.

OSK Property's share price rose 10 sen or 4.3% to RM2.45, with a market capitalisation of RM591.1 million. PJD shares closed 1 sen higher at RM1.80 yesterday, bringing its market capitalisation to RM813.1 million.

 

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