PETALING JAYA: Yong Tai Bhd
(YTB) has entered into a conditional share sale agreement to acquire the entire equity stake in Sumberjaya Builders Sdn Bhd for RM15mil.
In a statement, the tourism-related property development firm said the strategic acquisition marks the company’s entry into Sabah’s property market with a steady growth outlook, further diversifying the group’s earnings stream and enhancing future profitability.
Through this acquisition, Yong Tai said it will undertake two joint-venture projects already secured by Sumberjaya in Sabah, namely, one in Lahad Datu and the other in Tawau.
Yong Tai said the Lahad Datu project spans 11.97 acres, and features a mixed development of shop lots, terrace houses, and walk-up flats.
