KUALA LUMPUR: Tebrau Teguh Bhd yesterday had its shares suspended from trading ahead of the announcement of a material corporate transaction to be made by its major shareholder, Kumpulan Prasarana Rakyat Johor (KPRJ).
The suspension follows a report by The Edge weekly on Jan 30. The report, quoting sources, said Danga Bay Sdn Bhd (DBSB), the master developer of the Danga Bay waterfront project in Johor, is to be injected into Tebrau Teguh, a property development company linked to the Johor government.
“Tebrau Teguh will have a seamless strip of seafront land facing Singapore once the exercise is completed. The majority owner of DBSB, Datuk Lim Kang Hoo, will drive the development,” said a source quoted by the report.
It is believed that DBSB will be acquired by Tebrau Teguh 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 Teguh to Lim.
The source which is close to the matter had revealed, “KPRJ will still be the largest shareholder in Tebrau Teguh and Lim the second largest. KPRJ will have the Danga Bay project as its jewel.”
Spanning 730ha, Danga Bay is an integrated waterfront development project mooted in 1997. Its master plan was unveiled to the Johor government in 2001 by DBSB, which was set to oversee and carry out the development of Danga Bay.
If the deal goes through, Tebrau Teguh will become a serious contender in the development of Iskandar Malaysia.
Tebrau Teguh, which closed at 75 sen before suspension, will resume trading tomorrow.
This article appeared in The Edge Financial Daily, January 31, 2012.
The suspension follows a report by The Edge weekly on Jan 30. The report, quoting sources, said Danga Bay Sdn Bhd (DBSB), the master developer of the Danga Bay waterfront project in Johor, is to be injected into Tebrau Teguh, a property development company linked to the Johor government.
“Tebrau Teguh will have a seamless strip of seafront land facing Singapore once the exercise is completed. The majority owner of DBSB, Datuk Lim Kang Hoo, will drive the development,” said a source quoted by the report.
It is believed that DBSB will be acquired by Tebrau Teguh 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 Teguh to Lim.
The source which is close to the matter had revealed, “KPRJ will still be the largest shareholder in Tebrau Teguh and Lim the second largest. KPRJ will have the Danga Bay project as its jewel.”
Spanning 730ha, Danga Bay is an integrated waterfront development project mooted in 1997. Its master plan was unveiled to the Johor government in 2001 by DBSB, which was set to oversee and carry out the development of Danga Bay.
If the deal goes through, Tebrau Teguh will become a serious contender in the development of Iskandar Malaysia.
Tebrau Teguh, which closed at 75 sen before suspension, will resume trading tomorrow.
This article appeared in The Edge Financial Daily, January 31, 2012.
