IGB buys into property firm, takes up controlling stake in Johor-based developer

  • Business Premium
  • Thursday, 20 Jun 2013

Tan: The acquisition will complement IGB’s strategy.

KUALA LUMPUR: IGB Corp Bhd has bought a controlling stake in a privately-held property firm based in Johor for RM33mil cash.

The company said in a filing with Bursa Malaysia that its unit Megan Prestasi Sdn Bhd would acquire 50% plus one share in Distinctive ACE Sdn Bhd under a share sale and purchase agreement with Datuk Kho Eng Hue @ Kho Eng Hooi.

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