KUALA LUMPUR: SP Setia Bhd has agreed to buy sister company I&P Group Sdn Bhd for RM3.65bil in cash, which will enable it to almost double its land bank and fast-track its expansion plans.
In a filing with Bursa Malaysia, the property developer said it yesterday inked a conditional agreement to buy the entire stake in I&P from Permodalan Nasional Bhd (PNB) and AmanahRaya Trustees Bhd (as trustee for Amanah Saham Bumiputera) – both also SP Setia’s direct major shareholders – as well as Datuk Mohd Nizam Zainordin.
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