Wednesday, November 16, 2011

Main shareholder to sell Negeri land for RM118m to Nilai Resources

KUALA LUMPUR (Nov 16): Nilai Resources Group Bhd has received a proposal to acquire a company, LK Prisma Sdn Bhd, which owns 418.2 acres of land in Negeri Sembilan, from a common major shareholder, Tan Sri Dr Gan Kong Seng.

Nilai Resources said on Wednesday its subsidiary BBN Development Sdn Bhd had received an offer letter from Lapangan Kota Sdn Bhd to sell the entire paid-up of LK Prisma to BBND for Rm118.41 million cash consideration.

'LK Prisma owns 418.2 acres of land, which is part of the township development of Seremban Utara. The land was approved for residential or commercial or institution or industry use. This would be at RM6.50 per sq. ft,' it said.

Lapangan Kota said it is a company owned by Gan and G.O. Enterprise Sdn Bhd, which in turn, Gan is a major shareholder. Gan is also a major shareholder and director of Nilai Resources.


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