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Mulpha Land Bhd Announces Proposed Disposal Of Land 1 And Land 2; Proposed MPM Acquisition; Proposed Bonus Issue


Sunday, 28 Jul 2013 08:00pm EDT 

Mulpha Land Bhd announced that the Company is proposing to undertake the following proposals: Proposed disposal by MLB of a parcel of freehold land held under Geran 449268, Lot 137699, Mukim Pulai, Daerah Johor Bahru, Negeri Johor (Land 1), to Leisure Farm Equestrian Sdn Bhd (LFESB), a wholly-owned subsidiary of Leisure Farm Corporation Sdn Bhd, which in turn is wholly-owned by Mulpha International Bhd (MIB), for a consideration of MYR14,915,000 (Proposed Land 1 Disposal); Proposed disposal by Indahview Sdn Bhd (ISB), a wholly-owned subsidiary of MLB, of a parcel of freehold land held under Geran 333611, Lot 49255, Mukim Pulai, Daerah Johor Bahru, Negeri Johor (Land 2), to LFESB for a consideration of MYR4,750,000 (Proposed Land 2 Disposal); Proposed acquisition by MLB of 3,196,588 ordinary shares of MYR1.00 each in Mulpha Properties (M) Sdn Bhd (MPM), representing 100% of the issued and paid-up share capital of MPM, from Mulpha Group Services Sdn Bhd (MGS), a wholly-owned subsidiary of MIB, for a cash consideration of MYR47,072,424 or 23% of the gross sale value for the PJ Land Project (as defined hereunder), whichever is higher (Proposed MPM Acquisition); and Proposed bonus issue of 136,981,500 new ordinary shares of MYR0.10 each in MLB (MLB Shares or Shares) (Bonus Shares) on the basis of three Bonus Shares for every two existing MLB Shares held on an entitlement date to be determined later (Proposed Bonus Issue). 

Company Quote

0.47
0.01 +2.17%
10 Jul 2014