Serba Dinamik buys 30% stake in housing developer for RM18.3 mil

KUALA LUMPUR (Aug 21): Serba Dinamik Holdings Bhd's wholly-owned unit Serba Dinamik Group Bhd is acquiring 14,000 shares or a 30% stake in Almurisi Development Sdn Bhd (ADSB) for RM18.3 million cash.

In a filing today, Serba Dinamik said one of the properties owned by ADSB is a piece of 70-acre land worth RM61 million in Pengerang, Kota Tinggi, Johor, on which the engineering services group plans to erect a mixed residential and commercial property.

The upcoming property is dubbed Pengerang Northshore Residence, which will include landed residential properties, affordable apartments, shopoffices and community complex as well as other amenities, said Serba Dinamik in a separate filing.

Pengerang Northshore Residence is part of Serba Dinamik's upcoming 132-acre, RM1.4 billion mega development which will also include the Pengerang Eco-Industrial Park (PeIP) and the Pengerang International Commercial Centre.

The PeIP will house Serba Dinamik's eighth — and most advanced — service centre in Malaysia, which will comprise the nation's first oil and gas maintenance, repair and overhaul (MRO) and inspection, repair and maintenance (IRM) Global Centre of Excellence.

This will in turn allow Serba Dinamik to position itself as a key service provider for the maintenance of plants, machineries and equipment in neighbouring Pengerang Integrated Complex (PIC) and Pengerang Deepwater Terminal (PDT).

Serba Dinamik said it will be working with Johor-based engineering consultant Perisind Samudera Sdn Bhd, which is project manager for the entire development. Perisind Samudera also owns substantial land bank at the location, said Serba Dinamik.

On Aug 18, Serba Dinamik inked a memorandum of agreement with Izin Budi Sdn Bhd, an affiliate of Perisind Samudera, for a collaborative development on a 15.9-acre land within the proposed projects.

Serba Dinamik said it will fund the acquisition of ADSB's 30% stake via borrowings or internal funds.

Shares of Serba Dinamik closed 6 sen or 2.78% higher at RM2.22, for a market capitalisation of RM2.95 billion. — theedgemarkets.com

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