PETALING JAYA: YTL Land & Development Bhd has proposed to buy the remaining 30% stake in Sentul Raya for RM252.42mil from Keretapi Tanah Melayu Bhd (KTMB) and KTMB Sentul Sdn Bhd.
In a filing with Bursa Malaysia, YTL Land said it has entered into into a conditional sale and purchase agreement with KTMB Sentul and KTMB for the purchase.
It said the proposed acquisition would be satisfied with RM190mil in cash and RM62.4mil payment in kind comprising RM61.2mil worth of residential units in a development of Sentul Raya known as “The Fennel” located at Sentul, Kuala Lumpur.
YTL Land said the proposed purchase would give it full control of Sentul Raya’s business direction and enhance future potential earnings.
“Upon completion of the proposed acquisition, Sentul Raya will become a wholly-owned subsidiary of the company, which in turn will allow the company to have full control of the future business direction of Sentul Raya group. The proposed acquisition also presents an opportunity for the company to consolidate Sentul Raya group’s earnings in full as YTL Land’s wholly-owned subsidiary,” it said.
YTL Land, which owned 70% in Sentul Raya, was appointed by the Government in November 2000 as the new KTMB partner for the Sentul raya project.
Sentul Raya’s current ongoing project, The Fennel, comprising 916 units housed in four high-rise towers at Sentul East, will see the first two blocks completed soon while the remaining two blocks has been scheduled for completion in 2017.
The development projects completed by Sentul Raya include The Capers (condominiums), d6 (retail & offices), d7 (retail & offices), The Saffron (condominiums), The Maple (condominiums), The Tamarind (condominiums) and Sang Suria (condominiums).