IOI Corp chairman Tan Sri Lee Shin Cheng was in the news recently, but this time for a related-party transaction (RPT). RPTs are never viewed favourably whatever the market conditions or pricing offered.
On Tuesday, IOI Prop announced that it was buying 400 acres from Lee and his family for RM1.58bil in cash and new shares. These landbanks are housed under Mayang Development Sdn Bhd (MDSB) and Nusa Properties Sdn Bhd (NPSB).
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