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IGB sells shares to KrisAssets

KUALA LUMPUR: IGB Corporation Bhd entered into a Heads of Agreement (HOA) with its 75%-owned subsidiary KrisAssets Holdings Bhd for the disposal of 100,000 ordinary shares at RM1.00 each, representing the entire issued and paid-up ordinary share capital in Mid Valley City Gardens Sdn Bhd (MVCG) to KrisAssets for a cash consideration yet to be determined, it announced on Monday, Feb 14.

The group said that the cash consideration will be derived based on the net tangible asset of MVCG based on the audited financial statements for the financial year ended Dec 31, 2010, and the market value of the land together with The Gardens Mall (which has an indicative value of RM820 million).

IGB Corp said that the sale is part of the groups and is subsidiaries efforts to rationalise and streamline the group's operations. Moreover, it will streamline its property holdings whereby its retail properties will be consolidated and held under KrisAssets, allowing the group to achieve greater operational efficiency and synergistic benefits, it said.

IGB Corp, an investment holding company, and engages in property development, property investment and management, hotel, and construction businesses primarily in Malaysia, the Asia Pacific, and the United Kingdom.

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