PETALING JAYA: NCT Alliance Bhd
's wholly-owned subsidiary NCT World Sdn Bhd has proposed to subscribe to eight new shares in Semanga Murni Sdn Bhd (SMSB), representing 80% of the enlarged equity interest, for RM53mil.
In a filing with Bursa Malaysia, NCT noted this comes following a conditional shares subscription and shareholders’ agreement (SSSA) with See Cherng Jye and Datuk Sri Sim See Hua, the co-owners of SMSB.
NCT added the subscription price will be satisfied entirely in cash and is expected to be funded through internally generated funds and/or bank borrowings.
SMSB owns five parcels of land measuring 176.71 acres in Mukim of Tanjong Duabelas, in Kuala Langat, Selangor, which it wants to develop.
The land is located adjacent to NCT’s existing industrial park project, NCT Smart Industrial Park (NSIP) in Kuala Langat.
NCT added the project lands, with an estimated gross development value of RM1.5bil, are envisaged to be integrated into NSIP as part of a larger master-planned industrial ecosystem.
