- The equity participation by Low Gay Teck, who has held the position of managing director for the last 15 years, will ensure his continued services to the group in the foreseeable future, L&G said in a bourse filing.
KUALA LUMPUR (March 31): Land & General Bhd (L&G) said its managing director Low Gay Teck will take up a 10% stake in a wholly-owned unit of the group which recently bought a piece of land in Bandar Puchong Jaya to develop serviced apartments.
The equity participation by Low, who has held the position of managing director for the last 15 years, will ensure his continued services to the group in the foreseeable future, L&G said in a bourse filing.
It noted that under Low's leadership, the group had recorded uninterrupted profits and declared dividends for the period between the financial year ended March 31, 2014 (FY2014) and FY2022, except for FY2020 when its business was affected by the Covid-19 pandemic.
L&G said its wholly-owned subsidiary Brilliant Forward Sdn Bhd (BFSB) signed a deal with Low on Friday (March 31), in which Low will subscribe to a 10% equity interest in BFSB's unit Forward Victory Sdn Bhd (FVSB), resulting in BFSB's stake coming down to 90%. Low will pay RM1 million in cash for the 10% stake.
FVSB had bought the 3.55-acre piece of leasehold land in Bandar Puchong Jaya for RM68.04 million on Jan 10.
The land is intended to be developed into three blocks comprising 1,546 units of serviced apartments, a podium with two units of shop lots, and carparks and motorcycle bays.
The project has an expected gross development value and gross development cost of RM630 million and RM493 million respectively, said L&G.
It is expected to be launched in the second half of 2023 and completed by 2027.
L&G’s share price closed unchanged at 10 sen on Friday, giving the group a market capitalisation of RM283.8 million.