Monday, September 5, 2011

Ambang Sehati offers to buy some BDRB assets

KUALA LUMPUR: Bandar Raya Development Bhd (BDRB) has received a proposal from its major shareholder, Ambang Sehati Sdn Bhd to acquire selected investment assets of the group, including The Bangsar Shopping Centre and Menara BRDB, confirming The Edge weekly report.

BDRB said on Monday, Sept 5 it had received the proposal from Ambang Sehati, which owns 18.88%, for the corporate exercise as the BDRB shares had been trading at a significant discount to its net asset value.

'In the proposal letter, Ambang Sehati has proposed to acquire selected investment assets of the group. Ambang Sehati believes that this would enable the group to monetise these assets and achieve a more efficient utilisation of its capital,' it said.

The proposal letter did not state the value of the assets it was willing to pay for.

Ambang Sehati offered to acquire CapSquare Retail Centre which is currently held by Capital Square Sdn Bhd, a unit of BRDB.

It also offered to acquire Permas Jusco Mall, currently held by Permas Jaya Sdn Bhd, a 99.74% subsidiary of BRDB.

It also offered to acquire BRDB's entire 100% stake in BR Property Holdings Sdn Bhd which holds The Bangsar Shopping Centre and Menara BRDB. (The Edge reported the BSC and 12-stprey Menara BDRB gad a carrying value of RM600 million.)

'Ambang Sehati proposes to acquire the assets collectively, and not individually or any part thereof, at a purchase consideration to be based on the fair value of the assets to be determined by independent valuers to be mutually agreed.

'The purchase consideration is proposed to be satisfied fully in cash upon completion of the proposed acquisition,' it said.

BDRB said Ambang Sehati requested the board to revert by Sept 19, with its decision on the proposals.

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