KUALA LUMPUR (June 13): Minda Global Bhd, the company that runs University of Cyberjaya, has proposed to buy the properties it is operating from for RM180 million.
Acquiring the properties, which include 16,208 square metres of freehold land and the buildings on it, will provide the group a greater flexibility in undertaking future expansion plans and eliminate the risk of non-renewal of tenancy, said Minda Global.
The buildings, located in Cyberjaya, are four years old and have a gross floor area of 862,850 square feet, the group added in a filing with Bursa Malaysia.
Minda Global said it will pay RM155 million in cash to vendor Persada Mewah Sdn Bhd, while settling the remaining RM25 million through the issuance of new shares at seven sen apiece.
Minda Global said it is currently leasing these properties from SMRT Holdings Bhd, which in turn is leasing them from Persada Mewah.
Minda Global shares closed half a sen or 7.14% higher at 7.5 sen on Friday (June 10), valuing the group at RM99.14 million.
Edited by S Kanagaraju