Tan Sri Abdul Wahid Omar

KUALA LUMPUR (April 14): PNB Development Sdn Bhd, a subsidiary of Permodalan National Bhd (PNB) group can be a source for S P Setia Bhd and I&P Group Sdn Bhd to expand their landbank for future projects, said PNB group chairman Tan Sri Abdul Wahid Omar.

“This would be an opportune time for us to introduce PNB Development Sdn Bhd as our flagship landbanking company. With more than 9,000 acres of lands under its ownership, PNB Development can be a source for S P Setia and I&P Group to tap into, for their future projects,” said Wahid at a corporate event which saw S P Setia Bhd, Permodalan Nasional Bhd (PNB) and Amanahraya Trustees Bhd (as trustee for Amanah Saham Bumiputera) enter into a non-binding Memorandum of Intent to commence negotiations on the proposed acquisition of I&P Group Sdn Bhd by S P Setia.

S P Setia is also buying a 342.5-acre site in Bangi from Seriemas Development Sdn Bhd, a 60%-owned subsidiary of PNB Development. 

Wahid said the land deal and the proposed acquisition by S P Setia of the entire equity interest in I&P Group mark an important milestone for PNB and the start of other collaborations.

Together with I&P Group’s remaining landbank of 4,263 acres and the 342.5 acres of land in Bangi, when added to S P Setia’s current landbank of 5,218 acres will total 9,823 acres, an increase of 88%, he noted.

“We are truly excited to witness what the future holds for these two companies. Imagine the possibilities of the enlarged S P Setia and I&P Group combined,” he said.

S P Setia is able to provide sales and marketing resources to I&P Group, which will help the latter access certain niche segments that it had not been able to penetrate before, he added. “Likewise, S P Setia will be able to leverage on the strengths of I&P Group in some of their developments.”

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