Tuesday, January 3, 2012

Nilai Resources gets RM27m price reduction from major shareholder

KUALA LUMPUR (Jan 3): Nilai Resources Group Bhd's subsidiary has received a RM27.36 million discount on the purchase price of LK Prisma Sdn Bhd by Lapangan Kota Sdn Bhd.

Nilai Resources said on Tuesday its subsidiary BBN Development Sdn Bhd had on Dec 31, 2011 received a revised letter of offer from Lapangan Kota to sell the company for RM91.08 million.

The previous price tag of RM118.41 million was announced on Nov 16.

Lapangan Kota is majority owned and controlled by Nilai Resources shareholder Datuk Dr Gan Kong.

Lapangan Kota owns 418.20 acres of land, which is part of the Seremban Utara township development. The land was approved for either residential, commercial, institution or industry use.

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