SHAH ALAM, 19 May: SP Setia Bhd expects to complete due diligence on the proposed acquisition of I&P Group in a month’s time, said its executive vice president and CFO Choy Kah Yew.
Speaking to reporters after its AGM today, Choy said it is now in the midst of carrying out the due diligence process and expects to hold an EGM in September to obtain shareholders’ approval.
He said it is on track to complete the proposed acquisition this year, which would boost its landbank to almost 10,000 acres.
Last month, SP Setia, Permodalan Nasional Bhd and Amanahraya Trustees Bhd entered into a non-binding memorandum of intent to start negotiations on SP Setia’s proposed acquisition of I&P.
— THE SUN