Knusford buys 40% stake in CBD development

KUALA LUMPUR: Knusford Bhd has subscribed for 40,000 ordinary shares of RM1 each, representing 40% of the enlarged issued and paid-up capital of CBD Development Sdn Bhd.

The subscription will not have any effect on the share capital and net tangible asset of Knusford and no immediate material effect on the earnings of the group, it said in a filing to Bursa Malaysia on Friday, Nov 12.

However, the board expects CBD Development to contribute positively to the growth of the group in later years.

With the subscription, the other shareholders for CBD Development are Kumpulan Prasarana Rakyat Johor Sdn Bhd and Danga Bay Sdn Bhd which holds 30% each.

CBD Development, which was incorporated on April 7, 2010, has been identified by the Economic Planning Unit Johor to participate in the proposed transformation plan for Johor Bahru City. — Bernama