KUALA LUMPUR, Feb 19 — Multi-Usage Holdings Bhd’s (MUHB) unit Multi-Usage Property Sdn Bhd has signed a conditional sale and purchase agreement with Team Four Sdn Bhd for the proposed acquisition of a parcel of land in Penang.
The vacant freehold land measuring about 19,704.14 sq. m. in Seberang Perai Tengah, Penang is for a total of RM8.48 million.
In a filing to Bursa Malaysia, MUHB said the proposed acquisition is in line with the MUHB Group’s plan to increase its land bank for future development.
Team Four is principally involved in property development.
Team Four is currently under a winding-up petition for minority oppression filed by its minority shareholders, who include Ang Hwei Chyn and Ang Ai Way.
“Both are Directors of MUHB and collectively have direct and indirect shareholdings of 20.28% in Team Four, while Tan Chew Hua, a Director of MUHB, has a total indirect equity interest of 22.85% in Team Four,” it said.