PETALING JAYA: Lagenda Properties Bhd
has proposed to dispose of a 60% stake in two of its construction subsidiaries to Epicon Bhd for RM543.16mil, as part of a restructuring aimed at sharpening its focus on property development while building a larger listed construction platform.
The proposed disposal involves Lagenda selling 60% of Rantau Urusan (M) Sdn Bhd and LPB Construction Sdn Bhd to Epicon for RM280.15mil and RM263.01mil, respectively. The consideration will be settled through a combination of Epicon shares and redeemable convertible preference shares after setting off related-party advances.
Lagenda will also grant Epicon a call option to acquire the remaining 40% stakes in both firms for up to RM362.1mil within 30 months after the profit guarantee period, potentially bringing the total transaction value to RM905.26mil.
