KUALA LUMPUR: MALAYSIAN RESOURCES CORP Bhd is expanding its landbank near in landmark KL Sentral development by acquiring a company which owns a piece of land fronting Jalan Brickfields for RM105 million.
MRCB said on Wednesday, June 30 it had proposed to acquire 22.82 million shares or 60% stake in GSB Sentral Sdn Bhd with 17.91 million redeemable preference shares of 1 sen each in GSB for a total of RM105 million.
It is acquiring the stake from Gapurna Sdn Bhd, which is principally engaged in property development.
GSB Sentral owns 91,040 sq ft of land which has been approved for a mixed development of office and service apartments with total gross floor area of 1.468 million sq ft and an estimated gross development value of RM850 million.
The development on the lot started in March 2009 and is expected to be completed by the fourth quarter of 2012.
By The EDGE Malaysia
