The Nu Sentral shopping mall in Kuala Lumpur. Nu Sentral’s principal activity is operating the mall and property management.
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) intends to sell its entire 51% equity stake in Nu Sentral Sdn Bhd to Pelaburan Hartanah Bhd (PHB) for RM119.77mil.
MRCB, in a filing with Bursa Malaysia yesterday, said it had entered into a share sale agreement with PHB to dispose its 51% equity interest in Nu Sentral, comprising 10.2 million ordinary shares of RM1 each and 91.8 million redeemable non-convertible preference shares of one sen each, to PHB.
Nu Sentral is a jointly controlled entity owned by MRCB and PHB on a 51:49 basis. Nu Sentral’s principal activity is operating a retail mall and property management.
MRCB said the disposal was arrived at on a willing buyer-willing seller basis after taking into consideration PHB’s valuation of the sale shares and Nu Sentral, including, without limitation, the financial condition of Nu Sentral as at Dec 31, 2014.
MRCB said the disposal was part of MRCB group’s “macro strategy to monetise its non-core assets and focus its resources on the core businesses of property development, specialised infrastructure and environment projects”.
“The board of directors is of the view that the disposal would enable MRCB to better utilise and focus its resources on its core businesses. The cash consideration from the disposal could be reinvested into the core business of MRCB such as property development,” it added.
The disposal is expected to be completed by the third quarter of 2015.
In a statement, MRCB group managing director Tan Sri Mohamad Salim Fateh Din said: “As with other moves that involved our development partners that MRCB has initiated this year, such as a share-swap deal we had executed with another business partner (DMIA Sdn Bhd), the disposal of MRCB shares in Nu Sentral reflects our larger initiative to enhance strategic focus on our current projects.”
He said this was in line with MRCB’s focus on offering innovative and focused development that sought to fulfill the aims of various market segment buyers. “Apart from our continuous effort to increase land bank holdings that will allow diverse development ideas to unfold, the group’s main thrust is to develop ideas and fresh living and working spaces for the acreage that we hold.’
