KUALA LUMPUR, November 29 — YTL Land & Development Bhd has proposed to acquire the remaining 30 per cent stake in Sentul Raya Sdn Bhd from KTMB (Sentul) Sdn Bhd and Keretapi Tanah Melayu Bhd for RM252.424 million.
In a filing to Bursa Malaysia today, YTL Land said, Sentul Raya, its 70% owned unit, is principally involved in property development and property investment.
“The move will enable the company to boost its equity stake and gain full control of the future business direction of Sentul Raya Group.
“This will present an opportunity for the company to consolidate Sentul Raya Group’s earnings in full as YTL Land’s wholly-owned unit,” it said.
It said the deal was expected to enhance the future earnings potential of YTL Land and its subsidiaries.
“Sentul Raya’s current is The Fennel (916 units housed in four high-rise towers) at Sentul East which is close to completion for the first two blocks with the remaining two blocks scheduled for completion in 2017,” it said.