PETALING JAYA: Gagasan Nadi Cergas Bhd
(GNCB) will be enhancing its concession and facility management operations while further strengthening its student hostel asset management through a proposed strategic acquisition of a concession valued at RM185mil.
In a statement, the construction and property group said it will undertake a corporate exercise to gain full control of Konsortium PAE Sepakat Sdn Bhd (KPSSB), which owns a facility management concession for student hostel facilities in seven polytechnic campuses, by acquiring the two shareholders in KPSSB, namely Serata Ehsan Sdn Bhd (SESB) and Seri Delima Anggun Sdn Bhd (SDASB).
SESB, through its fully owned subsidiary PAE Builders Sdn Bhd, holds 44.4% equity interest in KPSSB, while the balance 55.6% interest is held by SDASB.
“The proposed corporate exercise entails GNCB signing two conditional sales and purchase agreements – one, to acquire the entire equity interest in SESB for cash consideration of RM80mil; and the other, to acquire the entire equity interest in SDASB for cash consideration of RM105mil.”
