Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Nov 15): Land & General Bhd (L&G) has proposed to acquire four companies for a total of RM298.32 million, saying it will allow the group to replenish its land banks for immediate and future developments.

In a bourse filing today, L&G said it will acquire the four companies from Malaysia Land Properties Sdn Bhd — Primal Milestone Sdn Bhd (valued at RM128.47 million), Triumph Bliss Sdn Bhd (RM118.15 million), Forward Esteem Sdn Bhd (RM45.73 million) and Quantum Bonus Sdn Bhd (RM5.97 million).

L&G said the acquisitions will allow the group to purchase sizeable strategically located land banks in Greater Klang Valley area in an expeditious manner to take advantage of the current property market slowdown.

It will also "enlarge and strengthen the current earnings base of the group with future contributions from the ongoing and future developments on the land banks and investments to be acquired".

Meanwhile, L&G also proposed a renounceable rights issue of up to 1.914 billion shares at an issue price to be determined later, on the basis of eight rights shares for every five existing shares held, based on a minimum subscription level of 820 million rights shares.

The rights issue is for raising funds for the proposed acquisitions, settlement of outstanding balances as well as working capital requirements of the group.

L&G shares rose 0.5 sen or 1.37% to close at 37 sen for a market capitalisation of RM413.83 million.

 

 

      Print
      Text Size
      Share