MRCB (1651) - MRCB exits from management-company of Nu Sentral for RM119.78m
April 22, 2015 : 6:44 PM MYT
KUALA LUMPUR (Apr 22): Malaysian Resources Corp Bhd (MRCB) is disposing its entire 51% stake in Nu Sentral Sdn Bhd (NSSB) to its joint-venture (JV) partner Pelaburan Hartanah Bhd (PHB) for RM119.78 million cash.
NSSB, currently a 51:49 joint venture between MRCB and PHB, is an entity that manages and operates the Nu Sentral Mall in KL Sentral, with a 99-year lease from PHB, which wholly owns the shopping mall.
In a filing with Bursa Malaysia today, MRCB (fundamental: 0.6; valuation: 0.8) said it has entered into a share sale agreement with PHB for the disposal of its 51% interest in NSSB, which comprises 10.2 million ordinary shares and 91.8 million redeemable non-convertible preference shares, for RM119.78 million cash.
MRCB said the disposal is part of its macro strategy to monetise non-core assets and focuses its resources on property development, specialised infrastructure and environment projects.
“The board of directors is of the view that the disposal would enable MRCB to better utilise and focus its resources on its core businesses. The cash consideration from the disposal could be reinvested into the core business of MRCB such as property development,” the group said.
MRCB estimates the disposal to be completed by third quarter of 2015.
“As with other moves that involved our development partners that MRCB has initiated this year, such as a shares swap deal we executed with another business partner (DMIA (M) Sdn Bhd), the disposal of MRCB shares in NSSB reflects our larger initiative to enhance strategic focus on our current projects,” MRCB’s managing director Tan Sri Mohamad Salim Fateh Din said in a statement today.
MRCB had on April 1 announced the share swap agreement whereby the group will transfer to DMIA its 100% stake in Lotus Terrain Sdn Bhd, which undertakes the double tracking of railway lines between Rawang and Salak Selatan and the sector between Salak Selatan-Seremban–SPK Pelabuhan Kelang, to DMIA.
In exchange, DMIA will transfer its 30% stake in Country Annexe Sdn Bhd to MRCB, thus raising the latter’s interests in Country Annexe to 100%. Country Annexe is undertaking a mix development project on a 4.92-acre land in Brickfields, under a privatisation agreement with the federal government.
MRCB closed down two sen or 1.52% to RM1.30 apiece today, giving it a market capitalisation of RM2.36 billion.
http://www.theedgemarkets.com
April 22, 2015 : 6:44 PM MYT
KUALA LUMPUR (Apr 22): Malaysian Resources Corp Bhd (MRCB) is disposing its entire 51% stake in Nu Sentral Sdn Bhd (NSSB) to its joint-venture (JV) partner Pelaburan Hartanah Bhd (PHB) for RM119.78 million cash.
NSSB, currently a 51:49 joint venture between MRCB and PHB, is an entity that manages and operates the Nu Sentral Mall in KL Sentral, with a 99-year lease from PHB, which wholly owns the shopping mall.
In a filing with Bursa Malaysia today, MRCB (fundamental: 0.6; valuation: 0.8) said it has entered into a share sale agreement with PHB for the disposal of its 51% interest in NSSB, which comprises 10.2 million ordinary shares and 91.8 million redeemable non-convertible preference shares, for RM119.78 million cash.
MRCB said the disposal is part of its macro strategy to monetise non-core assets and focuses its resources on property development, specialised infrastructure and environment projects.
“The board of directors is of the view that the disposal would enable MRCB to better utilise and focus its resources on its core businesses. The cash consideration from the disposal could be reinvested into the core business of MRCB such as property development,” the group said.
MRCB estimates the disposal to be completed by third quarter of 2015.
“As with other moves that involved our development partners that MRCB has initiated this year, such as a shares swap deal we executed with another business partner (DMIA (M) Sdn Bhd), the disposal of MRCB shares in NSSB reflects our larger initiative to enhance strategic focus on our current projects,” MRCB’s managing director Tan Sri Mohamad Salim Fateh Din said in a statement today.
MRCB had on April 1 announced the share swap agreement whereby the group will transfer to DMIA its 100% stake in Lotus Terrain Sdn Bhd, which undertakes the double tracking of railway lines between Rawang and Salak Selatan and the sector between Salak Selatan-Seremban–SPK Pelabuhan Kelang, to DMIA.
In exchange, DMIA will transfer its 30% stake in Country Annexe Sdn Bhd to MRCB, thus raising the latter’s interests in Country Annexe to 100%. Country Annexe is undertaking a mix development project on a 4.92-acre land in Brickfields, under a privatisation agreement with the federal government.
MRCB closed down two sen or 1.52% to RM1.30 apiece today, giving it a market capitalisation of RM2.36 billion.
http://www.theedgemarkets.com
