Titijaya proposes to buy 100% of property firm NPO Builders

Titijaya Land Bhd has proposed to acquire a 100% stake in property company NPO Builders Sdn Bhd for RM115.61mil via the issuance of shares, which will give it access to two pieces of prime freehold land that has proposed developments to the tune of RM2.4bil and estimated gross profits of RM600mil.

Sources say that the proposed development comprises some 6,000 to 7,000 units of affordable homes. Furthermore, it is very likely that there is substantial off-taker who will come in to make a bulk purchase of some 20% of the units.