Billionaire Robert Kuok controls PPB, which is buying the stake in developer Hillcrest Gardens.
PETALING JAYA: PPB Group Bhd
, the company controlled by billionaire Robert Kuok(pic), has agreed to acquire the Armed Forces Fund Board’s (LTAT) entire 16.8% stake in property developer Hillcrest Gardens Sdn Bhd for RM59mil cash.
The purchase price is a 76% premium over Hillcrest’s audited consolidated net assets as at Dec 31, 2017.
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