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Tuesday, 28 February 2017

(The Star) Titijaya Land plans to buy Sri Komakmur for RM70.9mil

PETALING JAYA: Titijaya Land Bhd has proposed to acquire Sri Komakmur Development Sdn Bhd (SKDSB) for a purchase consideration of RM70.91mil from Tan Chuan Cheong and Tee Tiong Lee.

In a filing with Bursa Malaysia, Titijaya said it had entered into a share sale agreement with Tan and Tee for the proposed acquisition of three million ordinary shares equivalent to RM3mil, representing the entire issued capital of SKDSB.

It said the proposed acquisition would enable Titijaya, through SKDSB, to gain access to 75.444 acres of prime land within the high-growth and fast-maturing central development spine of Sabah.

Titijaya said the land is located near notable landmarks such as Bank Negara building, Royal Malaysia Custom, Bukit Padang Hospital and Sabah Golf & Country Club. “In view of the strategic location, the prospects of the development are expected to be encouraging. The board is of the view that the demand for residential and commercial properties in Sabah is expected to remain favourable among local and foreign buyers.

“Barring any unforeseen circumstances which may have an adverse impact on the demand for residential properties in Sabah, the board is upbeat that the development of the land will contribute positively to the group’s financial performance,” Titijaya said.