KUALA LUMPUR: BINA DARULAMAN BHD has signed a sale and purchase agreement with Perbadanan Kemajuan Negeri Kedah (PKNK) to acquire 467.4 ha of land in Kedah for RM202mil.
In a statement yesterday, Bina Darulaman said the proposed acquisition would allow the company to replenish its existing landbank as well as provide an opportunity to further strengthen its position as one of the main property development players in Kedah.
“With the sizeable landbank in Kedah upon completion of the proposed acquisition, Bina Darulaman will be in a better position to reach out to a broader range of customers by offering, inter-alia, residential, commercial and/or mixed development townships,” it said.
It said the proposed acquisition would also help the company realise its vision to be a partner of the government in primarily developing townships and infrastructure and construction. In conjunction with the proposed acquisition, Bina Darulaman also proposed to implement renounceable rights issue to raise gross proceeds of up to RM95mil together with a bonus issue of new shares.
“The proposed rights issue will enable the company to raise funds to part-finance the proposed acquisition,” it said.
Bina Darulaman said it also proposed to increase its authorised share capital from RM100 mil to RM400 mil. — Bernama
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