KUALA LUMPUR: Seacera Group Bhd
’s unit, Seacera Properties Sdn Bhd, is acquiring 1.5 million shares of RM1 each in Duta Nilai Holdings Sdn Bhd for RM165.1mil.
Duta Nilai is the holding company of Duta Skyline Sdn Bhd, which owns 101.27ha in Semenyih, Selangor.
In a filing with Bursa Malaysia, Seacera said its unit had entered into a conditional sale and purchase agreement with Ismail Othman and Zainab Mansor on Wednesday.
The group said the RM165.1mil would be satisfied partly via the issuance of 90 million new shares of RM1 each in Seacera and the balance to be settled via deferred cash payment of RM75.1mil.
“The proposed acquisition presents an opportunity for the group to increase its landbank with a minimal upfront cash outflow,” it said.
The exercise, which is expected to be completed by the second quarter of 2017, would also enable Seacera to accelerate its property development activity. - Bernama
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