PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) will exit its joint-venture with Cyberview Sdn Bhd – the landowner of Cyberjaya – as it plans to develop properties in Cyberjaya on its own.
MRCB is pumping in almost RM288mil in cash to acquire seven parcels of land within Cyberjaya City Centre spanning 36.6 acres.
In a filing with Bursa Malaysia yesterday, MRCB said its unit MRCB Land Sdn Bhd will dispose of its 70% stake in CSB Development Sdn Bhd for RM219.04mil to Cyberview.
This involved 700,000 ordinary shares and 2.282 million redeemable preference shares.
Following the sale, Cyberview will fully own CSB Development, which in turn owns six parcels of freehold land in Cyberjaya spanning 44 acres.
Based on the audited accounts for 2023, CSB Development made a loss of RM3.9mil.
Cyberview is 92.24%-owned by the Minister of Finance Inc, Sime Darby Property Bhd
(5.17%) and Permodalan Nasional Bhd (2.59%).
Cash from the disposal of stake will be utilised for working capital purposes, according to MRCB.
This included defraying expenses related to the proposed disposal and property development activities within 12 months from the date of receiving the amount.
Meanwhile, it was also announced that MRCB’s subsidiary Subang Sentral Sdn Bhd had entered into a sale and purchase agreement with Cyberjaya City Centre Land Sdn Bhd (CCCL) to acquire seven parcels of land.
CCCL is a wholly-owned unit of Cyberview and it is the beneficial owner of the land.
The parcels of land will be acquired for RM287.75mil. This is slightly lower than the market value of RM288.3mil as ascribed by an independent valuer.
The acquisition price will be satisfied in cash and will be funded via internally generated funds.
Six land parcels carry a freehold status, while the other parcel has a 99-year leasehold status expiring in May 2115.
“Other than the gain on disposal after tax of RM22mil, the proposals are not expected to have any material effects on the earnings and earnings per share (EPS) of MRCB for the financial year ending Dec 31, 2025.
“The actual effects of the proposed acquisition on the earnings and consequently EPS of the MRCB Group for the subsequent financial years will depend on the earnings contribution from the development of the project land,” MRCB said in filing with the stock exchange.
The proposals are completed following the execution of the sale and purchase agreement and the share sale agreement.
Initially established as the landowner of Cyberjaya in 1996, Cyberview has continuously evolved, ultimately assuming its current role as the technology hub developer of Cyberjaya.
