Whitmore buys more MKH shares below offer prices; Kwasa Damansara enters next phase

Whitmore keeps buying MKH, MKH Oil Palm shares below offer prices

Whitmore, a wholly owned subsidiary of Batu Kawan Bhd, made the purchases a day after MKH Oil Palm issued an independent advice circular recommending that shareholders reject the offer. Independent adviser MainStreet Advisers Sdn Bhd valued MKH Oil Palm’s revalued net asset value (RNAV) at RM1.26 a share as at June 30 and said the 66.26 sen offer represented a discount of 59.74 sen, or 47.4%, to its RNAV, concluding that the offer was not fair and not reasonable.

MainStreet also cited Whitmore’s and Batu Kawan’s stated intention to maintain MKH Oil Palm’s Main Market listing and not exercise any right to compulsorily acquire the remaining shares, should the applicable threshold be reached. The MKH Oil Palm offer, which is scheduled to close at 5pm on Sept 17 unless extended, followed Whitmore’s acquisition of control of MKH and the resulting mandatory-offer obligation for MKH Oil Palm.

Separately, MKH’s independent adviser, Kenanga Investment Bank Bhd, valued MKH at RM4.31 a share against Whitmore’s RM2 offer, a discount of RM2.31 or 53.6%. Kenanga found the offer not fair but reasonable and recommended acceptance, citing the stock’s thin trading liquidity and the absence of an alternative offer.

Kwasa Land seeks hospital operator as Kwasa Damansara enters next phase

Kwasa Land Sdn Bhd, the Employees Provident Fund subsidiary developing Kwasa Damansara, said on Tuesday it is seeking an operator for a five-acre site earmarked for a hospital within the 2,255-acre township as the development enters its next phase. The township, which straddles Shah Alam and Petaling Jaya in Selangor, is planned to have 27,335 residential units over a 20- to 25-year development period, with completion targeted by 2050. Kwasa Land said the total includes 11,200 affordable homes.

Kwasa Land managing director Datuk Adenan Md Yusof said at a media site tour that the master developer is focusing on building up the township’s residential population alongside its commercial, community and lifestyle offerings, with more than 60,000 people expected to occupy its residential units over the next five years. Of the 11,200 planned affordable homes, 4,694 units are to be developed under Phases 1 and 2 on the Shah Alam side, including 1,669 units at Idaman Kwasa Damansara by Gagasan Nadi Cergas Bhd targeted for completion by the first quarter of 2027.

The township is served by the Kwasa Damansara and Kwasa Sentral MRT stations, with the former providing an interchange between the Kajang and Putrajaya lines. It is also connected to six major roads and expressways, including the Damansara-Shah Alam Elevated Expressway. About 251 acres, or 11% of the township, has been set aside for parks and green spaces, including nine planned parks and about 27km of jogging, walking and cycling routes.

Also on the radar today

Today's roundup

Corporate activity and development expansion drove today’s property news. Whitmore continued accumulating MKH and MKH Oil Palm shares below its takeover offer prices, while Paramount added to its future development pipeline through six land deals with RM4 billion in potential GDV. Kwasa Land, meanwhile, is moving Kwasa Damansara into its next phase with healthcare and other community infrastructure as the township’s residential population grows. Industrial and data centre activity remained prominent. NCT Alliance handed over the first phase of its RM10.2 billion NCT Smart Industrial Park, Sime Darby Property unveiled its first ready-built factory offering at BBR Business Park, and TRC Synergy secured a RM149.98 million subcontract for hyperscale data centre works. Centurion also agreed to acquire a RM214.5 million worker accommodation complex in Pasir Gudang, while QES is buying two industrial units in Singapore for RM17.49 million. The wider backdrop was more mixed. TA Securities expects Budget 2027 to remain expansionary while targeting support more selectively, including possible measures for first-time homebuyers, while Malaysia’s retail sales growth slowed to 2.5% in 2Q2026 as consumers remained cautious and price-sensitive.