KUALA LUMPUR, Oct 1 — Landmarks Bhd’s subsidiary, Tiara Gateway Pte Ltd (TGPL) has entered into conditional share sale agreements (SSA) with Singapore’s Blumont Group Ltd for a total aggregate consideration of S$63.40 million (RM195.10 million) to be satisfied via the issuance of new ordinary shares in Blumont.
In a filing with Bursa Malaysia today, it said the proposed disposals represent the remaining 49 per cent equity interest held by TGPL in Mendol Investments Pte Ltd to Blumont worth S$14.38 million (equivalent to RM44.24 million).
The proposed disposals also include all of Landmarks wholly-owned subsidiaries, namely Hinako Investments Pte Ltd (100 equity interest), Prime Holdings Pte Ltd (60 per cent equity interest), Enggano Investments Pte Ltd (60 per cent equity interest), and Mesawak Investments Pte Ltd (60 per cent equity interest), totalling S$63.40 million (RM195.10 million).
Landmarks said the proposed disposals would enable the group to unlock the value and monetise its investment in its subsidiaries.
“The disposals are expected to reduce Landmarks’ costs/overheads (and) give the group the option of retaining an economic interest in the companies through its shareholdings in Blumont and holding the consideration shares that can be leveraged as security for borrowings or raising funds through the disposal of some of its shareholdings in Blumont,” said Landmarks, a hospitality and property company.
The proposed disposals are also expected to provide Blumont the opportunity to develop and attract investment interest in Landmarks land surrounding the 52-hectare waterfront resort city called Chill Cove located within Treasure Bay Bintan, a 338-hectare premier tourism destination on the Indonesian island of Bintan.
The proposed disposals are expected to be completed by the first quarter of 2022. — Bernama
