S P Setia announces incorporation of Setia Australia Ltd

PETALING JAYA: S P Setia Bhd has announced the incorporation of Setia Australia Ltd Monday April 26. Setia Australia is a wholly owned subsidiary of Setia International Ltd  which in turn is a wholly-owned subsidiary of S P Setia Bhd.

In a filing to Bursa Malaysia, S P Setia said Setia Australia is incorporated in the British Virgin Island with an issued and paid-up share capital of US$10 comprising 10 ordinary shares of US$1 each.

“The principal activity of Setia Australia is investment holding and property development,” S P Setia said.

S P Setia acquired a 1.04-acre land in Melbourne in March for A$30 million via Setia International. It plans to develop a high-density inner city integrated residential and commercial project on the land.

Setia International would acquire the land from S.L. Nominess Pty Ltd and Jonquil Pty Ltd.

The deal was brokered by Savills Australia following a tender process. The group plans to finance the purchase with internally generated funds and external borrowings.