From left: Yap Chun Theng, executive director of NCT Alliance; Datuk Sri Yap Ngan Choy, executive chairman and group managing director of NCT Alliance; Herman Lee Show Kien, director of Setara Juara Sdn Bhd; and Melvin Lee Ying, director of Setara Juara
KUALA LUMPUR: NCT Alliance Bhd
's wholly-owned subsidiary, NCT Panorama Sdn Bhd has entered into a conditional sale of shares agreement with Herman Lee Show Kien and Melvin Lee Ying to acquire a 51 per cent stake in Setara Juara Sdn Bhd (SJSB) for RM22 million.
In a filing with Bursa Malaysia, the company said the purchase consideration would be satisfied via a combination of cash and contra properties.
In line with the acquisition, NCT Panorama, Herman Lee, and Melvin Lee have also entered into a shareholders’ agreement to regulate their relationship in SJSB.
NCT Alliance noted that as a key part of the company’s long-term growth strategy, the acquisition will pave the way for NCT’s development of Ion Marina Bay, a property development project with a gross development value of RM3.4 billion.
The landmark waterfront project located in Putatan, Sabah, is expected to further strengthen the company’s presence in one of Malaysia’s most promising real estate markets.
Ion Marina Bay will be a mixed development spanning 101.17 hectares, comprising residential, commercial, and lifestyle components.
Strategically situated two kilometres from Putatan Town Centre and five kilometres from Kota Kinabalu International Airport (KKIA), the development aims to offer a modern and sustainable living experience tailored to Sabah’s evolving market needs, it said.
"With the government recently approving a RM442.3 million upgrade for KKIA to expand its capacity and enhance connectivity, this major infrastructure boost is expected to further drive real estate growth and attract more investors to the state," it added. - Bernama
