DRB-Hicom to buy rest of Media City Ventures


In a filing with Bursa Malaysia, the diversified conglomerate said the remaining shareholding comprised 49,000 ordinary shares in MCVSB from EPSB.

PETALING JAYA: DRB-Hicom Bhd has entered into a share sale and purchase agreement with Enigma Permata Sdn Bhd (EPSB) to acquire the remaining 49% stake in Media City Ventures Sdn Bhd (MCVSB) it did not own for RM100mil cash.

In a filing with Bursa Malaysia, the diversified conglomerate said the remaining shareholding comprised 49,000 ordinary shares in MCVSB from EPSB.

DRB-Hicom had on Dec 18,2015, completed the acquisition of 51% interest in MCVSB, or 51,000 ordinary shares, from EPSB for RM85.7mil.

The group said the proposed acquisition would enable it to fully consolidate the financial returns of MCVSB group from the concession and lease agreements and the potential profitable returns from the development of the exchange land within the medium term.

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DRB-Hicom , buy , Media City Ventures , shares , MCVSB Group ,

   

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