KUALA LUMPUR: Hap Seng Consolidated Bhd’s wholly-owned subsidiary, Hap Seng Realty Sdn Bhd, is disposing of 2.16 acres of land with a cinema complex in Kota Kinabalu to Akal Megah Sdn Bhd for RM85 million cash or RM90 per sq ft.
Akal Megah is a wholly-owned subsidiary of Lei Shing Hong Ltd.
In a filing with Bursa Malaysia yesterday, Hap Seng Consolidated said the disposal price was arrived at after taking into consideration the sizeable area and prime location within the central commercial district of Kota Kinabalu City Centre. Hap Seng Realty acquired the land for RM28.5 million in March 2010.
“The proposed disposal is in the ordinary course of business of the vendor, a company principally involved in property investment, with which the vendor is able to realise the attractive capital appreciation of the said property,” it said.
The sale is considered a related party transaction (RPT) as Tan Sri Panglima Lau Cho Kun holds 36.6% equity interest in Lei Shing Hong and 56% of Gek Poh (Holdings) Sdn Bhd.
Gek Poh currently holds a 61.8% stake in Hap Seng Consolidated, comprising 53.3% direct shareholding and 8.53% indirect shareholding via subsidiary Hap Seng Insurance Services Sdn Bhd.
Datuk Edward Lee Ming Foo and Lee Wee Yong are directors of Hap Seng Consolidated and Gek Poh, while Datuk Simon Shim Kong Yip is a director of Hap Seng Consolidated, Akal Megah and Lei Shing Hong.
Hap Seng Consolidated closed unchanged at RM1.40 yesterday with 1.53 million shares done.
This article appeared in The Edge Financial Daily, November 30, 2011.
Akal Megah is a wholly-owned subsidiary of Lei Shing Hong Ltd.
In a filing with Bursa Malaysia yesterday, Hap Seng Consolidated said the disposal price was arrived at after taking into consideration the sizeable area and prime location within the central commercial district of Kota Kinabalu City Centre. Hap Seng Realty acquired the land for RM28.5 million in March 2010.
“The proposed disposal is in the ordinary course of business of the vendor, a company principally involved in property investment, with which the vendor is able to realise the attractive capital appreciation of the said property,” it said.
The sale is considered a related party transaction (RPT) as Tan Sri Panglima Lau Cho Kun holds 36.6% equity interest in Lei Shing Hong and 56% of Gek Poh (Holdings) Sdn Bhd.
Gek Poh currently holds a 61.8% stake in Hap Seng Consolidated, comprising 53.3% direct shareholding and 8.53% indirect shareholding via subsidiary Hap Seng Insurance Services Sdn Bhd.
Datuk Edward Lee Ming Foo and Lee Wee Yong are directors of Hap Seng Consolidated and Gek Poh, while Datuk Simon Shim Kong Yip is a director of Hap Seng Consolidated, Akal Megah and Lei Shing Hong.
Hap Seng Consolidated closed unchanged at RM1.40 yesterday with 1.53 million shares done.
This article appeared in The Edge Financial Daily, November 30, 2011.
