NSSB manages and operates the Nu Sentral Mall in Kuala Lumpur (theedgeproperty.com)
KUALA LUMPUR (April 23): Malaysian Resources Corp Bhd (MRCB) is disposing of its entire 51% stake in Nu Sentral Sdn Bhd (NSSB) to joint-venture (JV) partner Pelaburan Hartanah (PHB) for RM119.78 million cash, according to a report by The Edge Financial Daily today.
In a filing with Bursa Malaysia yesterday, MRCB said it had entered into a share sale agreement with PHB for the disposal of its 51% interest in NSSB, which comprises 10.2 million shares and 91.8 million non-convertible redeemable preference shares, for RM119.78 million cash.
NSSB, currently a 51:49 joint venture between MRCB and PHB, is an entity that manages and operates the Nu Sentral Mall in Kuala Lumpur Sentral with a 99-year lease from PHB, which wholly owns the shopping mall.
MRCB said the disposal is part of its macro strategy to monetise non-core assets and focus its resources on property development, specialised infrastructure and environment projects.
“The board of directors is of the view that the disposal will enable MRCB to better utilise and focus its resources on its core businesses. The cash consideration from the disposal could be reinvested in the core businesses of MRCB, such as property development,” the company said.
MRCB estimates that the disposal will be completed by the third quarter of 2015.