Company to purchase and takeover companies, collectively totalled 408.05ha of land for a new township in Shah Alam
Y&G gets nod for KESAS land buy
The StarBiz Week | Saturday April 12, 2014 MYT 7:40:15 AM
http://www.thestar.com.my/Business/Busines...KESAS-land-buy/

KUALA LUMPUR: Property developer Y&G Corp Bhd has obtained shareholders’ nod to proceed with the proposed KESAS land and related-party acquisitions.

The approval was obtained at an EGM yesterday for the acquisition of 408.05ha of leasehold land from the Malaysian Agriculture Research and Development Institute for RM100mil cash.

Y&G said in a statement that with the approval, the group’s development land-bank would increase four-fold to 154.31ha from about 40ha.

Its executive director Datuk Yap Jun Jien said the KESAS land had the potential to be developed into an integrated township with an estimated gross development value of more than RM1bil.

“This will be our new flagship project, showcasing our development ability in innovative designs and concepts to create new communities in affordable homes,” he said.

The acquired firms in the proposed related-party acquisitions have 15.26ha within the respective vicinities of Kapar, Shah Alam and Seri Kembangan, which have ongoing development or developments which were expected to commence soon.

Y&G was proposing to acquire these firms for RM25.82mil via the issuance of irredeemable convertible preference shares (ICPS) at an issue price of RM1 per ICPS, together with free warrants on the basis of one warrant for every two ICPS issued, the group said. — Bernama