UPDATE 1-Malaysia's UBG to buy stakes in builders
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KUALA LUMPUR, Feb 4 (Reuters) - Malaysia's UBG Bhd (UBGB.KL) agreed to buy stakes in two local builders for 457 million ringgit ($141.3 million) and plans to buy up the remaining shares.
UBG, formerly known as Utama Banking Group, said it would buy 49.2 percent of Putrajaya Perdana Bhd (PUTA.KL) and 37.6 percent of Loh & Loh Corp Bhd (LOHC.KL).
UBG also plans to buy the remaining shares in Putrajaya Perdana and Loh & Loh at 4.85 ringgit each.
Shares of Putrajaya Perdana last traded at 4.24 ringgit and Loh & Loh at 4.34 ringgit. UBG is controlled by the family of the chief minister of eastern Sarawak state.
It had cash of 2.2 billion ringgit as at end-September 2007. In May last year, it was given eight months to find a business or be delisted.
UBG also said it would buy two road builders from its controlling shareholder, Cahya Mata Sarawak Bhd (CMSM.KL), for 135 million ringgit.
Trading in the shares of UBG, Putrajaya Perdana and Loh & Loh has been suspended until Monday for the announcement. ($1=3.235 Malaysian Ringgit) (Reporting by Clarence Fernandez and Syed Azman; editing by Louise Heavens)
