PUTRAJAYA (Sept 29): Permodalan Nasional Bhd (PNB) expects strong income growth in 2017’s fourth quarter (4Q) upon completion of SP Setia Bhd’s RM3.65 billion acquisition of the entire equity stake in I&P Group Sdn Bhd by then.
PNB owns a 55% stake in property developer I&P, while the remaining 45% is held by Amanah Saham Bumiputera (ASB), according to SP Setia’s announcement to Bursa Malaysia. ASB, a unit trust investment scheme under PNB, holds the I&P stake via AmanahRaya Trustees Bhd.
In property developer SP Setia, PNB and ASB own 27.98% and 27.25% stakes respectively as at April 6, 2017, according to SP Setia.
Today, PNB president and CEO Datul Abdul Rahman Ahmad said: “we expect the contribution from private investment to jump in the 4Q”, upon completion of the acquisition.
Abdul Rahman was speaking at a media briefing here on PNB’s 3Q performance. — theedgemarkets.com