Billionaire Tan Sri Quek Leng Chan is weighing taking his property developer unit in Malaysia private, according to people familiar with the matter.
GuocoLand Ltd., a Singapore-listed builder controlled by the billionaire, plans to make an offer to buy out the Kuala Lumpur-listed unit, said the people, asking not to be named as the information isn’t public.
GuocoLand controls over 65% of Guocoland Malaysia Bhd
.’s shares, and Quek retains a nearly 3% direct stake in the unit, according to its latest annual report.
GuocoLand Malaysia and GuocoLand Ltd. requested for trading halts on Monday pending an announcement. Both did not immediately respond to emailed requests for comment.
Quek, who has an interest in nearly 72% of GuocoLand Ltd.’s shares, is also the Singapore developer’s chairman. The 82-year-old Malaysian tycoon has a net worth of US$7.4bil, according to the Bloomberg Billionaires Index.
Shares of GuocoLand Malaysia have risen about 60% this year, giving it a market value of RM655mil. The stock last traded 93.5 sen on Jan. 30. - Bloomberg
