KUALA LUMPUR (April 18): Hua Yang Bhd has acquired the remaining 40% stake it did not own in Sunny Mode Sdn Bhd (SMSB), a property development company, for a cash consideration of RM3 million from Nestin Sdn Bhd.
In an announcement to Bursa Malaysia, the group said SMSB will now become a wholly-owned subsidiary of Hua Yang.
Hua Yang's rationale was to fully consolidate the company and have full control over the management of SMSB.
"The purchase consideration of the proposed acquisition was arrived at after taking into consideration the unaudited net assets of SMSB of RM3.38 million as at Feb 29 and the earnings potential of the development project," it said, adding that it will finance the acquisition through internally generated funds.
SMSB is a property development company which owns 11.5ha of vacant leasehold land near Seremban, Negri Sembilan. The 99-year lease expires on June 5, 2071.
The company is in the process of developing a mixed commercial and industrial project with a gross development value of RM48 million to be completed by 2016.
TOP PICKS BY EDGEPROP
Invest Dual Key Unit GRR 9 years RM280k
[ Beside Korean MaLL ] Tourist Client , Airbnb
[ Confirm Rental Get RM 3000 ] Students Condo
Twin Key Best Investment Project With 0 Booking
[ READY TENANT+ COVER INSTALLMENT ] Hotel Suites
Student Rental RM1800 Cover Instalment! Freehold
NON BUMI Taman United OUG, Old Klang Road, KL
Jalan Klang Lama (Old Klang Road), Kuala Lumpur
Richmond Mont Kiara 4 rooms 3 bathrooms
Mont Kiara, Kuala Lumpur
Single Storey Terrace House,Taman Selaseh Bt.Caves
Batu Caves , Selangor
[ Europe Style Duplex Condo ] ROI 9% Cash Back
Fully Furnished Bungalow Seksyen 2 Shah Alam
Shah Alam, Selangor