MGB acquires prop development firm for RM2.8m

KUALA LUMPUR (Jan 5): MGB Bhd is acquiring property development firm Multi Court Developers Sdn Bhd for RM2.8 million.

In a filing today, MGB said its unit MGB Land Sdn Bhd is acquiring the entire shareholding of Multi Court from Datuk Pang Shee Pak and Datuk Kok Chee Khung.

Multi Court owns a 9.35-hectare land in Batu Pahat, Johor on which a Unit Perumahan Penjawat Awam 1Malaysia (PPA1M) project will be developed with an estimated gross development value of RM93.5 million. Multi Court will receive a facilitation fund of RM14.6 million from PPA1M for the project.

The project is expected to commence from the second quarter of 2018 and is scheduled to be completed in 2020.

LBS Bina Bhd, which owns 55% of MGB, had said in a media briefing earlier this week that MGB would be diversifying into property development to enhance its profits.

MGB shares closed unchanged at RM1.76 today, giving it a market capitalisation of RM850.99 million. —

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