Sources say Danga Bay Sdn Bhd, the master developer of the Danga Bay water front project in Johor, is to be injected into Tebrau, a property development company linked to the Johor government.
The exercise will transform Tebrau, which is majority owned by Johor state investment arm KPRJ, into the bigger owner and developer of sea fronting projects.
Tebrau will have a seamless strip of sea fronting land facing Singapore once the exercise is completed. The majority owner of DBSB, Datuk Lim will drive the development.
Under the exercise, Tebrau will acquire DBSB from its current owners, Credence Resources Sdn Bhd and KPRJ. Lim owns 70% of DBSB via Credence Resources while KPRJ owns the rest. The transaction is said to be satisfied via the issuance of new shares in Tebrau.
KPRJ was established by current Johor Mentari Besar Tans Sri Ghani to spur development in the southern state. Over time, some of the best parcels of land in the KPRJ stable were injected into Tebrau.
The injection of DBSB into Tebrau is the final effort to transform the group into a leading property developer and give it a new lease of life.
Sources say the eastern portion of the waterfront area where Danga Bay is located is owned by Tebrau. The western portion of Danga Bay belongs to DBSB. Once Tebrau purchases DBSB, the group will own the entire Danga Bay stretch.
The development will turn Danga Bay into the largest sea facing waterfront development in Malaysia .
If the deal goes through, Tebrau will become a serious contender in the development of Iskandar Malaysia , competing with the government linked company UEM Land .
The exercise will transform Tebrau, which is majority owned by Johor state investment arm KPRJ, into the bigger owner and developer of sea fronting projects.
Tebrau will have a seamless strip of sea fronting land facing Singapore once the exercise is completed. The majority owner of DBSB, Datuk Lim will drive the development.
Under the exercise, Tebrau will acquire DBSB from its current owners, Credence Resources Sdn Bhd and KPRJ. Lim owns 70% of DBSB via Credence Resources while KPRJ owns the rest. The transaction is said to be satisfied via the issuance of new shares in Tebrau.
KPRJ was established by current Johor Mentari Besar Tans Sri Ghani to spur development in the southern state. Over time, some of the best parcels of land in the KPRJ stable were injected into Tebrau.
The injection of DBSB into Tebrau is the final effort to transform the group into a leading property developer and give it a new lease of life.
Sources say the eastern portion of the waterfront area where Danga Bay is located is owned by Tebrau. The western portion of Danga Bay belongs to DBSB. Once Tebrau purchases DBSB, the group will own the entire Danga Bay stretch.
The development will turn Danga Bay into the largest sea facing waterfront development in Malaysia .
If the deal goes through, Tebrau will become a serious contender in the development of Iskandar Malaysia , competing with the government linked company UEM Land .
1 comment:
This is called cashing in....or backdoor listing. Question now is is it gonna be fair price? Last time Dato lim kang hoo bought 33% Tebrau at very cheap price from kprj. Now i bet he will sell DBSB to Tebrau at highest price.... S watch out!
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