KUALA LUMPUR: NCT Alliance Bhd
's proposal to acquire NCT World Sdn Bhd has been greenlit at its recent extraordinary general meeting.
In a statement, the group said it will move forward with the proposed acquisition of 100% equity interest of NCT World for RM490.3mil.
The consideration will be satisfied via the issuance of up to 104.2 million new shares and 917.2 million new redeemable convertible preference shares (RCPS) at an issue price of 48 sen per share.
"The acquisition will bolster NCT Alliance’s development pipeline by adding two major industrial projects, NCT Smart Industrial Park (NSIP) and NCT InnoSphere (NIS), to its portfolio.
"This strategic move allows NCT Alliance to diversify beyond residential and commercial developments and establish a strong foothold in the high-growth industrial parks sector," it said.
Collectively, NSIP and NIS represent a remaining gross development value (GDV) of approximately RM4.8bil over the next six years, supported by an additional landbank of around 855 acres acquired through the transaction, providing the Company with flexibility for future development and expansion.
Datuk Sri Yap Ngan Choy, executive chairman and group managing director of NCT Alliance said: "This milestone sets us on the path to becoming a more diversified and resilient developer while reinforcing our value proposition and supporting sustainable, long-term value creation for all stakeholders.
"We remain committed to building a future-ready NCT Alliance that makes a meaning
