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Fountain View undertakes extra internal restructuring

KUALA LUMPUR: Fountain View Development Bhd (FVDB) has proposed extra internal restructuring in an effort to streamline its organisational structure and assets, and achieve more operational efficiency via direct control over its assets.

In a Bursa filing on Monday, Aug 30, the group said it has proposed to undertake a transfer of a leasehold land parcel measuring 86.35 acres in Selangor held by its unit Fountain View Land Sdn Bhd (FVLSB) to another unit, Citra Tani Sdn Bhd.

It has also proposed to transfer 86 parcels of undeveloped single-storey semi-detached house plots, 84 parcels of undeveloped  2-storey low-cost terrace house plots, 16 parcels of underdeveloped single-storey low-cost shop plots, 34 parcels of undeveloped 1½-storey medium-cost terrace house plots; and 34 parcels of undeveloped single-storey medium-cost terrace house plots held by FVLSB to FVLSB's unit Tulin Megah Sdn Bhd (TMSB).

Meanwhile, FVDB will structurally reorganise itself by transferring TMSB to FDVB from FVLSB.

In turn, FVLSB will be transferred to Extrogold Sdn Bhd (ESB), which is a unit of Bentayan Holdings Sdn Bhd (BHSB).

As BHSB is wholly owned by FDVB, FVLSB will thus be an indirect unit of FDVB.

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