The RTO of Dynac was terminated. However the resolution to sell a prime 13.8 acre parcel in Jalan Segambut to Keladi Maju Bhd for rm193 million cash was passed. Tan is the substantial shareholder of Keladi with a 16.8% stake.
The disposal was initially meant to raise fresh capital for the takeover of Dynac.
The land purchase grants Keladi an instant entry into a sought after area in the capital city. It is worth noting that FCW in which Tan owns 25.5% stake, owns a few parcels next to Keladi’s newly acquired land. FCW also bought the parcels from GBH in 2007.
FCW has entered into a 50:50 JV with IJM Land Bhd to develop 16.58 acres with a GDV of rm1.3 billion. For Keladi, its parcel could have a GDV of rm1 billion.
GBH is now a cash rich company, with rm192.4 million soon to be in its coffers, which translated into rm1.03 per share. It also owns a languishing ceramic ware business.
GBH disclosed that it will be on the lookout for future O&G business opportunities as its first pick but will not discount other proposals. It did said that if GBH is not able to secure new assets, it may return part of the rm192.4 million cash proceeds to shareholders.
No comments:
Post a Comment