DRB-Hicom said SEMSB owns two properties located in strategic areas.
PETALING JAYA: DRB-Hicom Bhd
is acquiring the remaining 30% stake in Scott & English (M) Sdn Bhd (SEMSB) from Arah Kiara Sdn Bhd for RM20mil.
In a filing with Bursa Malaysia, DRB-Hicom said the acquisition was done via its wholly-owned subsidiary, Hicom Holdings Bhd (HHB), making SEMSB a wholly-owned subsidiary of HHB.
DRB-Hicom said SEMSB owns two properties located in strategic areas, namely, Glenmarie, Shah Alam and Jalan Chan Sow Lin, Kuala Lumpur.
“These properties currently generate stable rental income and offer long-term redevelopment prospects/potential. The acquisition would allow DRB-Hicom Group to secure full ownership of SEMSB and allow the group to optimise and unlock value from these strategic properties,” it said.
