Magna Prima in JV for JB SoHo project
To undertake the project, a special purpose vehicle will be established with Twinicon holding a 75% stake and Crest Star holding the remaining 25%.
To undertake the project, a special purpose vehicle will be established with Twinicon holding a 75% stake and Crest Star holding the remaining 25%.
Following the acquisition, Edxus Solutions now holds 26.
The development land was acquired by Magna Prima's wholly-owned subsidiary Twinicon (M) Sdn Bhd from Lai Meng Girls School Association in 2014 for RM148.
Magna Prima saw its share price jump to a three-year high of 76 sen last Thursday before declining on Friday.
In a reply to the stock market regulator's unusual market activity (UMA) query, Magna Prima said the company and its subsidiaries have been continuously on the lookout for opportunities to strengthen its financial position.
In a bourse filing on Tuesday (Aug 22), Magna Prima said it had on Tuesday inked a sale and purchase agreement with Lee Shu Shun for the proposed acquisition.
TAFI Industries said its wholly owned subsidiary TAFI Home & Office Sdn Bhd (formerly known as Home & Office Furniture Sdn Bhd) accepted a turnkey construction contract awarded by Magna Park Sdn Bhd, an indirect wholly owned unit of Magna Prima.
KUALA LUMPUR (April 19): Magna Prima Bhd is disposing of a four-storey commercial building in Kuala Lumpur for RM56 million, which the property developer will use to help settle its debts.
KUALA LUMPUR (April 17): Magna Prima Bhd’s independent auditor has raised a material uncertainty related to the property developer’s ability to continue as a going concern.
KUALA LUMPUR (Aug 15): Property developer Magna Prima Bhd has plans to sell off some “prime assets” in an effort to “reduce its gearing so that it is able to sustain its business in the current challenging environment”, according to a recent report by The Edge Malaysia.