PETALING JAYA: Xin Synergy Group Bhd (XSGB) has entered into a conditional share sale and purchase agreement with Harvest Capital Development Sdn Bhd and Big Land Capital Sdn Bhd to acquire the entire equity interest in Johor-based developer Medini Marina Sdn Bhd (MMSB) for RM18.24mil.
In a filing with Bursa Malaysia, XSGB said MMSB is the registered proprietor and beneficial owner of 203 plots of residential terraced lots and 36 plots of residential semi-detached lots within Kluang, Johor.
XSGB said the acquisition is part of the expansion plan for its property development portfolio.
“Upon completion of the proposed acquisition, MMSB will become a wholly-owned subsidiary of XSGB, allowing XSGB to consolidate the financial performance of MMSB in the group.
“XSGB intends to develop the phases 2 and 3 of Taman Paloh on the remaining gross land area of approximately 16.25 acres over the next three years,” it said.
