KUALA LUMPUR - United Malayan Land Bhd (UMLand) is acquiring the entire 70% equity interest held by its wholly owned Country Equity Sdn Bhd in Bangi Heights Development Sdn Bhd as part of its shareholding rationalisation.

UMLand told Bursa Malaysia yesterday that it had signed a conditional share sale agreement with Country Equity to acquire the 70% stake comprising 70 million ordinary shares and 14 million cumulative redeemable preference shares of RM1 each for a total of RM82.86 million.

It said the company would seek a waiver from having to undertake a mandatory general offer for the remaining shares in Bangi Heights. Sapphire Investment Pte Ltd owns the remaining 30% stake in Bangi Heights.