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KUALA LUMPUR: Malton Bhd has proposed an internal restructuring exercise through the acquisition of Regal Marvel Constuction Sdn Bhd for RM34.45 million.
In a filing to Bursa Malaysia on Oct 2, the developer proposed to buy 3 million shares of RM1 each representing the entire issued and paid-up share capital of Regal Marvel from Khuan Choo Realty Sdn Bhd, a unit of Malton, to improve tax efficiency of Malton Group.
Regal Marvel is currently a wholly owned subsidiary of Khuan Choo Realty which in turn is a wholly owned subsidiary of Malton.
Malton said the proposed internal restructuring will not have any effect on the share capital and substantial shareholders’ shareholding.
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