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KUALA LUMPUR - United Malayan Land Bhd (UMLand) has proposed to acquire a 70% stake in Bangi Heights Development Sdn Bhd from its subsidiary, Country Equity Sdn Bhd, for RM82.86mil.
In a filing with Bursa Malaysia, OSK Investment Bank Bhd which is handling the acquisition, said UMLand and Country Equity had signed a conditional share sales agreement for the proposed acquisition of 70 million 10 sen shares and 14 million cumulative redeemable preference shares of 10 sen each.
The proposed shareholding rationalisation is expected to be completed within three months.
It said the total purchase consideration would be set off against the RM82.817mil owed by Country Equity to UMLand, while the balance was to be paid at completion or remain as a debt due to UMLand by Country Equity.
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