MRCB sells Platinum Sentral for RM750m to Quill Capita Trust

KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is selling its Platinum Sentral to Quill Capita Trust (QCT) for a total purchase consideration of RM750mil.

MRCB said on Thursday it had signed a sale and purchase agreement with Quill Capita Trust (QCT) --  a real estate investment trust (REIT) - to dispose of the office-campus style Green building in the KL Sentral CBD.

The purchase consideration will be partly satisfied via cash of RM486mil. The balance will be satisfied via the issuance of 206.25 million new QCT units at an issue price of RM1.28 per unit.

"This will result in a divestment gain of approximately RM240mil," said MRCB.

The disposal of the building would also result in MRCB owning 31% of the enlarged QCT upon completion of the exercise.

MRCB had also inked definitive share sale agreements with CapitaLand RECM Pte Ltd (CRPL) and Coast Capital Sdn Bhd (CCSB) to acquire 40% and 1% of their respective equity interest in Quill Capita Management (QCM) for RM6mil. QCM is the management company of QCT.

"This would result in MRCB holding 41% equity interest in QCM, resulting in MRCB becoming one of the largest shareholders in QCM, with representation on the board of directors of QCM.

"This will allow MRCB to have a sustained influence in the operations of Platinum Sentral as well as the other property assets under the enlarged QCT worth approximately RM1.6bil in asset value, post Platinum Sentral injection," it said.