KUALA LUMPUR (June 13): The founder and chief executive officer of M101 Group of Companies Datuk Seth Yap Ting Hau has emerged as a major shareholder with 25.5% equity interest in Meda Inc Bhd.
In a statement, M101 said that the acquisition was consummated via a series of direct business transactions, which resulted in Yap holding a direct 9.43% stake and M101 Ventures Sdn Bhd, which is part of the M101 Group holding 16.06% in Meda Inc.
Meda Inc is primarily involved in property development of commercial and residential projects, with some notable projects being the exclusive Scott Garden townhouses and Scott Towers condominiums in Johor Bahru, as well as the luxury country township of Westlake View in Sungai Siput, Perak. The company is also involved in property investment, hotel operations, oil palm cultivation and the provision of project management services.
Yap said that the acquisition fits well with M101’s strategy to enhance its position as a property developer by championing the property tourism business.
“We are of the view that Meda Inc holds the qualities that match our business expansion plans. We look forward to working together and exploring future business opportunities together moving forward,” he said.
M101 Ventures is a wholly-owned subsidiary of M101 Bukit Bintang Sdn Bhd, which in turn is part of the M101 Group, the developer for the M101 Skywheel designed by Studio F. A. Porsche.
The award-winning freehold 78-storey building will feature the world’s highest shopping experience with a Sky Mall that extends from the 50th to 52nd floor with over 200,000 sq ft of retail space, Small-Office-Flexible-Office units, a Ferris Wheel positioned on the 52nd floor at 220 metres above ground, 94 Design Suites by Studio F.A. Porsche, and the first in Asia — Planet Hollywood Suites.
M101 Bukit Bintang Sdn Bhd’s development project, also named M101 Bukit Bintang, will house the first Monopoly-themed hotel in the world, the Monopoly Mansion. Upon completion, the hotel will be managed by Sirocco Hospitality Group Sdn Bhd, which is also wholly-owned by Yap.
Sirocco is currently managing M101 Group’s first hotel, RED by Sirocco, Kuala Lumpur at M101 Dang Wangi. Sirocco will also be managing the Planet Hollywood Suites upon the completion of M101 Skywheel, the M101 Group’s flagship development.
On Monday, One Sierra Sdn Bhd, which is a major shareholder of property developer Meda Inc Bhd, disposed of its entire 6.9% stake in the group.
In a filing with Bursa Malaysia, Meda Inc said One Sierra sold the stake last Friday.
One Sierra is the vehicle of individuals Yuen Kok Meng and Chow Tet Ngee.
Meda Inc shares closed up 19.5% or 7.5 sen yesterday to 46 sen, for a market capitalisation of RM222 million. — theedgemarkets.com