Enra seeks to sell bigger stake in Landmark Zone

Shamelin Star Kuala Lumpuri s a 630-unit SOHO-residences project in Cheras, Kuala Lumpur.

KUALA LUMPUR: Oil and gas company Enra Group Bhd has proposed to sell a bigger stake in its property development subsidiary Landmark Zone Sdn Bhd.

Enra, which owns 70% of Landmark Zone, said on Tuesday following the latest plan, it had terminated its earlier conditional share sale agreement with Meridian Hectares Sdn Bhd to dispose of a 30% stake for RM13.90mil.

If the earlier sale of a 30% stake was disposed of to Meridian, this would have seen Meridian's shareholding double to 60%.

Enra said it renegotiate the terms and conditions of the proposed disposal to look into selling a higher equity interest in Landmark Zone.

Landmark Zone's core activity is in property development and it is undertaking a joint venture mixed development project identified as Shamelin Star in Taman Shamelin Perkasa, Kuala Lumpur under a joint venture agreement dated Feb 28, 2011 between Landmark Zone and the landowner Koperasi Shamelin Bhd.

The project would have comprised of two blocks of 29-storey serviced apartments with 630 apartments, 32 retail lots, car park and a club house
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