Grand-Flo buys property assets near Genting Highlands

KUALA LUMPUR: Grand-Flo Bhd has entered into two separate deals to acquire properties near Genting Highlands in Pahang.

The deals, valued at RM423mil, will be satisfied by cash, assumption of liabilities and issuance of redeemable convertible unsecured loan stocks (RCULS) in tranches to the vendor, Galeri Tropika Sdn Bhd.

The two acquisitions involved the land and project development rights of an on-going mixed development project known as the Grand Ion Majestic (GIM), as well as the serviced apartments and commercial retail lots of a 1/3 completed mixed development project known as Grand Ion Delemen (GID).

GIM features a mixed development comprising three blocks of serviced apartments with a total of 1,885 units as well as 30 units of retail and office lots, with residual gross development value of RM1.1bil, while the GID acquisition involves 100 completed serviced apartments and 15 units of retail lots.

Grand-flo also plans to place out new shares to raise up to RM75mil to fund its current and upcoming property projects.

The company is also seeking to change its name to NCT Alliance Bhd to reflect its new core business.

Grand-Flo has recently completed the disposal of its Enterprise Data Collection and Collation System (EDCCS) segment.