KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) said George Kent (M) Bhd has accepted its RM53mil cash offer to buyout the company's stake in their joint venture.
MRCB-George Kent Sdn Bhd (MRCB-GK) is a single purpose company appointed the Prasarana Malaysia Bhd as the main contractor for the Light Rail Transit Line 3 (LRT 3) project.
MRCB made the offer to George Kent on Sept 14.
"The Acquisition will enable the company to have full control of MRCB-GK and is in line with the MRCB Group’s strategy to consolidate its core business in the engineering and construction sector," MRCB said in a filing with Bursa Malaysia today.
MRCB said the JV company has completed more than 50% of the LRT 3 project.
"Following the completion of the Acquisition, MRCB-GK will become a wholly-owned subsidiary of MRCB Group, which will enable the Group to fully reap the benefits from the LRT 3 Project," it said.