KUALA LUMPUR, April 5 — Ekovest Bhd’s wholly-owned unit Timur Terang Sdn Bhd has proposed to acquire 20 parcels of freehold development land measuring 38.96 hectares (ha) in Pulai, Johor from Iskandar Waterfront Holdings Sdn Bhd (IWH) for RM944.62 million.
In a filing with Bursa Malaysia today, Ekovest said the proposed acquisition would be satisfied through the issuance of 911,323,376 new irredeemable convertible preference shares (ICPS) in Ekovest at an issue price of 85 sen per ICPS and RM170 million in cash.
“The proposed acquisitions will allow the group to expand its land bank to about 133.14 ha from about 94.29 hectares and increase its presence in Iskandar Malaysia, being one of the nation’s three main economic regions,” it said.
Ekovest said the board expected the incoming catalytic infrastructure projects in Johor such as the proposed Johor-Baru-Singapore Rapid Transit System and the proposed Bus Rapid Transit system to further spur investments in Iskandar Malaysia.
“The board believes that the proposed acquisitions will augur well for the group.
“It also believes the future development of the land is expected to contribute positively to the group’s future earnings in the medium-to-long term and deliver sustainable growth to the group if the development components on the land are planned properly,” it said. — Bernama