Boustead to acquire LTAT land for RM172.8mil

SRC said in a filing with Bursa Malaysia that MHIL had purchased the shares yesterday via a direct business transaction. Stock exchange data showed that the shares were transacted in a single off-market trade yesterday morning.

PETALING JAYA: Conglomerate Boustead Holdings Bhd has proposed to acquire two plots of land held by the Armed Forces Fund Board (LTAT) in Bukit Jalil for a total cash consideration of RM172.78mil.

Boustead said in a filing with Bursa Malaysia that the company had entered into a sale and purchase agreement with LTAT to acquire land measuring 10.74 acres out of 53.39 acres held under PN31560, Lot No 37825 in Mukim Petaling, Kuala Lumpur.

LTAT controls Boustead and has a 60.92% stake in the company.

The 10.74 acres consist of a parcel of vacant commercial land measuring 5.75 acres, a parcel of vacant carpark land measuring 0.96 acres and 70 parcels of vacant terraced commercial shops measuring 4.03 acres.

Boustead said that the basis for the purchase consideration was from independent property valuer assessments that put the market value of the Bukit Jalil plots of land at RM161.7mil.

Based on the development plan submitted by LTAT, a development order had been obtained from the Kuala Lumpur City Hall on May 16, 2016.

Under the development order, the land plot in Bukit Jalil has been earmarked for a mixed development comprising, among others, commercial plots, car park plots, subdivided plots for shop offices and other ancillary structures.

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