KUALA LUMPUR (March 14) : Builder WCT BHD [] is acquiring the entire stake in a privately-owned property development company for RM450 million, an all-cash deal which will give the buyer access to strategic tracts in the Klang Valley.
In a statement to the exchange on Wednesday, WCT said it has signed a conditional share sale agreement with Eng Lian Enterprise Sdn Bhd, Shen & Sons Sdn Bhd, and AMC Sdn Bhd to acquire Timor Barat PROPERTIES [] Sdn Bhd.
“The proposed acquisition is expected to contribute positively to the future earnings and thereby improve shareholders’ value over the medium to long-term,” WCT said.
Timor Barat owns three parcels of land with a combined area of 2.5 million sq ft along Jalan Awan China within the Taman Yarl enclave here, according to WCT. The acquirer said it will finance the purchase with its internally generated funds and bank loans.
WCT shares closed unchanged at RM2.61 on Wednesday.
In a statement to the exchange on Wednesday, WCT said it has signed a conditional share sale agreement with Eng Lian Enterprise Sdn Bhd, Shen & Sons Sdn Bhd, and AMC Sdn Bhd to acquire Timor Barat PROPERTIES [] Sdn Bhd.
“The proposed acquisition is expected to contribute positively to the future earnings and thereby improve shareholders’ value over the medium to long-term,” WCT said.
Timor Barat owns three parcels of land with a combined area of 2.5 million sq ft along Jalan Awan China within the Taman Yarl enclave here, according to WCT. The acquirer said it will finance the purchase with its internally generated funds and bank loans.
WCT shares closed unchanged at RM2.61 on Wednesday.
