Yong Tai to Acquire 70% Stake in Iconic Paragon

Yong Tai to Acquire 70% Stake in Iconic Paragon

KUALA LUMPUR, February 16 — Tourism and cultural property developer, Yong Tai Bhd, plans to take up a 70% stake in Iconic Paragon Sdn Bhd, an investment holding and property development company.

In a statement today, Yong Tai said, the move would see it emerging as a strategic shareholder in Iconic Paragon’s proposed development on 0.43 hectare in Bukit Bintang here.

Group Chief Executive Officer, Datuk Wira Boo Kuang Loon, said it would also enable Yong Tai to team up with Iconic Paragon to grow the company’s property development business here.

Both companies signed a memorandum of understanding here today.

“Yong Tai is expected to benefit from the proposed development as the land is located in Bukit Bintang’s prime area.

“An announcement will be made once we finalise the type of development to be carried out on the land,” he said.

In March 2015, Iconic Paragon signed a sale and purchase agreement with Kuala Lumpur Mayor (Datuk Bandar Kuala Lumpur) to buy the land, which comprised two pieces of leasehold land.

However, the purchase by Iconic Paragon from the Mayor has yet to be completed.

Yong Tai and Iconic Paragon had jointly agreed to negotiate the details on the terms and conditions of the share subscription agreement.

“Both parties are expected to finalise and enter into an agreement within three months from the date of the MOU or another date agreed between the parties,” said Yong Tai.

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