KAMUNTING Corp Bhd said its 70%-owned subsidiary Bridgecrest Resources Sdn Bhd has agreed to buy 3.6 million shares or a 72% stake in property developer Permaijana Ribu (M) Sdn Bhd from United Engineers (M) Bhd (UEM) for RM60.151mil.
Kamunting said in a statement that the purchase will be funded by internally generated funds and the proposed acquisition is expected to be completed in the year to March 2004. It said the purchase price took into consideration that post-acquisition, Bridgecrest will have an effective interest of 50.4% in Tanjung Pinang Development Sdn Bhd, which is 70%-owned by Permaijana.
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