Mah Sing extends deadline for RM273.87m Kulai land acquisition

PETALING JAYA (Sept 18): Mah Sing Group Bhd has extended the deadline to fulfil the remaining conditions precedent for its proposed RM273.87 million cash acquisition of 419.17 acres of freehold land in Kulai, Johor.

In a Bursa Malaysia filing on Friday (Sept 18), the property developer said its 60%-owned subsidiary M Industrial Development Sdn Bhd and vendor Aura Muhibah Sdn Bhd had mutually agreed to extend the deadline from Sept 20 to Dec 21, 2026.

All other terms and conditions of the sale and purchase agreement and supplemental agreement remain unchanged.

The acquisition covers eight parcels measuring about 1.696 million sq m in Mukim Senai. The purchase consideration represents RM15 psf, marginally below the RM274 million market value, or RM15.01 psf, ascribed by independent valuer Knight Frank Malaysia Sdn Bhd as at March 31, 2026.

Mah Sing proposes to develop the land into MS Industrial Park @ Kulai, an integrated industrial development with an estimated gross development value of RM2.26 billion. The proposed development is subject to preliminary plans and approvals from the relevant authorities.

Mah Sing’s non-interested shareholders approved the acquisition at an extraordinary general meeting on July 22.

M Industrial is 60% owned by Mah Sing’s wholly-owned Nova Legend Development Sdn Bhd, while the remaining 40% is held by KLK Land Sdn Bhd. Aura Muhibah is a wholly-owned subsidiary of KLK Land.

The acquisition is a related-party transaction under Bursa Malaysia’s listing rules. Mah Sing’s circular disclosed, among other connections, that its founder and group managing director Tan Sri Leong Hoy Kum is the father-in-law of Kuala Lumpur Kepong Bhd chief operating officer and executive director Lee Jia Zhang. Lee’s sister, Lee Wen Ling, is a director of both M Industrial and Aura Muhibah.

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