Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Dec 18): The property acquisitions proposed by Ideal Sun City Holdings Bhd worth RM26 million are "fair and reasonable", said TA Securities Holdings Bhd.

TA Securities is the independent adviser to Ideal Sun City's non-interested shareholders.

"In conclusion, on an overall basis, we are of the view that the proposed acquisitions are fair and reasonable and not detrimental to the non-interested shareholders," TA Securities told Bursa Malaysia in an advice letter.

Hence, it recommended that Ideal Sun City's non-interested shareholders "vote in favour" of the proposed acquisitions in the upcoming EGM.

Ideal Sun City, a project management services provider, had on Sept 9 this year proposed to acquire 46 units of stratified commercial space known as Ideal CEO Executive Suites in Penang for RM18 million from Ideal Capital Intelligence Sdn Bhd via its wholly owned unit Ideal Consortium Sdn Bhd.

On the same date, the firm had also entered into a sale purchase agreement for 12 units of stratified commercial space residing in four units of three-storey shop offices - also in Penang - for RM8 million.

Ideal Sun City closed the day 4 sen or 9.2% higher at 47.5 sen, translating to a market capitalisation of RM66.51 million.

      Print
      Text Size
      Share