Minda Global proposes to buy Cyberjaya land for RM180mil

KUALA LUMPUR: Education services provider Minda Global Bhd, via its wholly-owned unit UOC Sdn Bhd (UOCSB) has proposed to acquire a freehold land measuring 174,461 square feet (sq ft) in Cyberjaya and the buildings erected thereon from Persada Mewah Sdn Bhd for RM180 million.

In a filing with Bursa Malaysia today, Minda Global’s principle adviser Mercury Securities Sdn Bhd said on behalf of the company that the three parties had entered into a conditional sale and purchase agreement (SPA) for the proposed acquisition today.

It said pursuant to the SPA, the proposed corporate exercise would be satisfied in two ways, namely RM155.0 million in cash and RM25.0 million through issuance of 357.14 million new Minda Global shares at an issue price of seven sen apiece.

Mercury Securities said currently, the group, via UOCSB, manages and operates its flagship university known as University of Cyberjaya (UOC) from the subject buildings.

"The proposed acquisition will enable the group to have full control over the property, and this provides the group with more certainty and flexibility in undertaking its future plans in respect of the operation of UOC on the subject buildings.

"Subject to all relevant approvals being obtained, the proposals are expected to be completed in the second half of 2022,” it said. - Bernama