SELAYANG: Property developer Hua Yang Bhd
, which has emerged as the largest shareholder of Magna Prima Bhd, is looking at ways on how both parties can work together in future projects.
Speaking to reporters after the company EGM today, Hua Yang CEO Ho Wen Yan said: “We’re setting up guidelines on how to work together.
“Strategically, both parties have separate identities.”
Magna Prima’s prized asset is the 2.62 acres that used to house Lai Meng School along Jalan Ampang. The land is located just a stone’s throw away from the iconic Petronas Twin Towers.
Ho said Magna Prima had resubmitted plans for approval for the Lai Meng school land.
“We want to get better value for the land,” he said, adding that there were “no firm plans yet” on what both parties intend to develop on the land.
On April 19, Hua Yang announced it would be forking out RM123.7mil or RM1.85 per share to increase its take in Magna Prima from 10.84% to 30.96%.
In its rationale for the acquisition, Hua Yang said its main objective for increasing its stake in Magna Prima to 30.96% was to strengthen its presence in the Klang Valley via the access to strategic landbank in the capital.
It acquired the earlier 10.84% stake on Jan 25, 2017 for RM66.6mil.
This brings the total amount Hua Yang has forked out for shares in Magna Prima to RM190.3mil.
Magna Prima is principally involved in property development, civil engineering and building construction.
Based on Magna Prima’s annual report 2015, in its list of properties held by the group, the net book value of the freehold land near KLCC, measuring 113,963 sq ft or about 2.62 acres, was RM171.8mil.
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