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29-09-2014, 10:10 AM
Lum Chang increases stake in Kemensah Holdings to 100% for $14.9 million
Lum Chang Holdings says the company has increased its shareholdings in Kemensah Holdings (KHPL) by 49% from 51% to 100% for RM38.3 million ($14.9 million).
KHPL has two wholly-owned subsidiaries, Fabulous Range Sdn. Bhd. and Venus Capital Corporation Sdn. Bhd. Both FRSB and VCC are project companies set up for the purpose of owning and developing reisdential properties at Sungai Long and Kemensah in Malaysia.
KHPL, FRSB and VCC have a total net tangible asset value of RM25.3 million ($9.9 million) as at June 30, 2014.
As part of the acquisition, Lum Chang will take over an outstanding loan of RM 95.1 million ($37.1 million) owned by KHPL to Stanchart Private Equity.
The share and loan consideration which amounts to RM133.4 million ($52 million) will be satisfied by cash.
Lum Chang last closed 1.3% lower at 37.5 cents.
http://www.theedgesingapore.com/the-dail...llion.html
Lum Chang Holdings says the company has increased its shareholdings in Kemensah Holdings (KHPL) by 49% from 51% to 100% for RM38.3 million ($14.9 million).
KHPL has two wholly-owned subsidiaries, Fabulous Range Sdn. Bhd. and Venus Capital Corporation Sdn. Bhd. Both FRSB and VCC are project companies set up for the purpose of owning and developing reisdential properties at Sungai Long and Kemensah in Malaysia.
KHPL, FRSB and VCC have a total net tangible asset value of RM25.3 million ($9.9 million) as at June 30, 2014.
As part of the acquisition, Lum Chang will take over an outstanding loan of RM 95.1 million ($37.1 million) owned by KHPL to Stanchart Private Equity.
The share and loan consideration which amounts to RM133.4 million ($52 million) will be satisfied by cash.
Lum Chang last closed 1.3% lower at 37.5 cents.
http://www.theedgesingapore.com/the-dail...llion.html
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