Magna Prima – OCR Shah Alam JV realigned: RM45 mil land sale marks structural shift in development plan
PETALING JAYA (April 1): Magna Prima Bhd is moving to regain control of a 4.
PETALING JAYA (April 1): Magna Prima Bhd is moving to regain control of a 4.
KUALA LUMPUR (March 25): OCR Group Bhd (KL:OCR) entered into a deal on Tuesday with Magna Prima Bhd (KL:MAGNA) to sell 4.
The project spans 216,907 square metres of 99-year leasehold land in Mukim Sungai Raya.
The offerors—through Hallson Holdings Sdn Bhd—received 76.
Datuk Seri Wong Sze Chien and managing director Seah Ley Hong via their vehicle Hallson Holdings Sdn Bhd, together with Seah’s wife Tan Zhen Lin, collectively hold a 50.
This came after their company, Hallson Holdings Sdn Bhd, bought a 5.
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.