KUALA LUMPUR: IOI Corporation Bhd (IOI) together with its wholly-owned subsidiary, IOI Consolidated (Singapore) Pte Ltd (IOI Consolidated) has acquired 49.9% equity interest in Scottsdale Properties Pte Ltd (Scottsdale) for about S$115 million.

IOI entered into subscription agreement with City Developments Limited (CDL) and Ascent View Holdings Pte. Ltd. (Ascent View), a wholly-owned subsidiary of CDL on April 8, it said in a Bursa announcement on the same day.

Ascent View's subscription for 115,229,998 ordinary shares in Scottsdale for a cash consideration of S$499 and the balance amount through capitalisation of  a part of an existing shareholder loan of S$115,229,499  extended by Ascent View to Scottsdale which resulted in Ascent View holding 115,230,000 ordinary shares in Scottsdale (including the 2 ordinary shares already held by Ascent prior to this subscription), known collectively as Scottsdale subscription.

Scottsdale is a special purpose vehicle, which was wholly owned by Ascent View prior to the Scottsdale Subscription, which in turn is wholly-owned by CDL.

The Scottsdale subscription was completed on April 8. Ascent View now holds 50.1% of the enlarged issued share capital of Scottsdale.

Meanwhile, IOI has completed its proposed acquisition of South Beach Consortium Pte Ltd (SBC) for RM417.3 million, following the singing of a sales and purchase agreement on February 22, 2011.

The acquisition will allow IOI to develop a leasehold 8.64-acre mixed use development land on Beach Road, Singapore.

The development will comprise of premium office space, luxury hotel, high-end retail outlets and prestigious city residences.

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