KUALA LUMPUR, July 7 Khazanah Nasional Bhd is looking to buy out Middle Eastern shareholders in four companies that are involved in Iskandar Malaysia for a whopping 3 billion ringgit ($941.32 million), sources say.
The companies are Medini Central Sdn Bhd, Medini Iskandar Sdn Bhd, Metrogold Sdn Bhd, and Global Capital and Development Sdn Bhd.
Medini Iskandar Malaysia, which controls Medini Central, is 75 percent owned by Iskandar Investment Bhd and 25 percent by UWI Capital (One) Ltd Trident Chambers (under United World Infrastructure), a search on the Companies Commission of Malaysia website shows.
Metrogold is 80 percent owned by Ar-Ribhu Ltd - a company understood to be controlled by Kuwait Finance House Ltd - and 20 percent by privately-held Wurawari Ventures Sdn Bhd, which belongs to Iskandar Investment.
As for Global Capital and Development, 90 percent of it is split between Iskandar Holdings (Co) Ltd (60 percent) and Iskandar Investment (30 percent) while the remaining 10 percent is held by Alpha (Five) Ltd, which is linked to Mubadala Development Company PJSC.
The price tag of 3 billion ringgit is likely based on the land owned by the four companies amounting to about 2,456 acres or 107 million square feet, which translates into 28 ringgit per square feet. - The Edge
NOTE: Reuters has not verified this story and does not vouch for its accuracy.
($1 = 3.1840 Malaysian Ringgit)