KUALA LUMPUR: Developer Magna Prima Bhd through its wholly owned subsidiary, Winicon (M) Sdn Bhd, has completed the acquisition of Ibsul Development (Sel) Sdn Bhd (IDSB) on Oct 9.

Winicon has acquired 250,002 ordinary shares of RM1 each representing the entire issued and paid-up share capital of IDSB from Datuk Ahmad Shafee Sabaruddin and Mohd Sabki Razali for a total cash consideration of RM3.5 million, said Magna Prima in a filing to Bursa Malaysia.

IDSB is principally a general trading company.

Ahmad Shafee and Mohd Sabki are substantial shareholders of IDSB.

In its last announcement dated Aug 27, 2009, Magna Prima said the proposed acquisitions are in line with the corporate strategy of the company and its subsidiaries to develop strategically located land in high-density areas with easy accessibility and significant gross development value, for the development of lifestyle-themed projects within a short turnaround time.

It said the proposals are not expected to have any immediate effect on the earnings of the MPB Group for the financial year ending Dec 31, 2009.

However, the acquisitions are expected to contribute positively to the future earnings and earnings per share of the Magna Prima Bhd Group.