Ideal United Bintang Intl to acquire 17 parcels of freehold land in Penang for RM475.39 mil

TheEdge Fri, Jan 28, 2022 07:51pm - 2 years View Original


KUALA LUMPUR (Jan 28): Lestari Duta Sdn Bhd (LDSB) and Mujur Sinarjaya Sdn Bhd (MSSB), subsidiaries of Ideal United Bintang International Bhd (Ideal), has entered into two conditional sale and purchase agreements with Aspen Bell Avenue Sdn Bhd to acquire 17 parcels of freehold land in Penang for a total purchase consideration of RM475.39 million.

According to Ideal, the group intends to purchase the lands and then subdivide and sell individual plots to get more income for the group, which would then affect the group’s bottom line most probably from 2023 onwards.

“The total purchase consideration will be funded via a combination of bank borrowings and internally-generated funds, the proportion of which will be determined at a later date,” it said in a filing with Bursa Malaysia Friday.

On prospects, Ideal said the group is cautiously optimistic about the financial performance of the year ending Dec 31, 2022.

“The proposed acquisitions will not have any effect on the issued and paid-up share capital of Ideal as it is satisfied entirely by cash,” it added. 

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