Mark Mobius' Templeton fund buys 5% stake in KSL Holdings

KUALA LUMPUR: Fund manager Mark Mobius' Templeton Emerging Markets Group has acquired a 5% stake in property developer KSL Holdings Bhd.

The 5% stake was part of the 10% stake or 35.1 million new shares placed out by KSL. The private placement was completed following the listing of the new shares last Friday, March 12.

Mobius, executive chairman of Templeton Asset Management Ltd, said on Wednesday, March 17 that KSL is a leading Malaysian property developer with a strong track record and an experienced management team.

"We are impressed with KSL’s diversified property projects and business model, and our investment will provide support for the company’s continued growth and presence in the fast-growing Malaysian market,” he said.

KSL executive director Ku Tien Sek said the company's target was to make KSL a leading property company in Malaysia and a trusted brand name with its customers.

"Since our beginnings in Johor, we have now embarked on a new growth phase with our exciting new development in the Klang Valley, which will be launched soon. We welcome Templeton's confidence in us and participation as an investor," he said.