KUALA LUMPUR: NCT Alliance Bhd's wholly owned subsidiary, NCT World Sdn Bhd, has entered into a conditional share subscription and shareholders' agreement with shareholders of Semanja Murni Sdn Bhd.
Under the agreement, NCT World will subscribe for eight new ordinary shares in Semanja Murni for RM53 million.
In a filing with Bursa Malaysia, the property developer said the parties have agreed to regulate their relationship as shareholders and govern the conduct of the business and affairs of Semanja Murni pursuant to the agreement.
The agreement includes the proposed development of five parcels of land owned by Semanja Murni, measuring an aggregate of approximately 71.51 hectares in Kuala Langat, Selangor.
The project land is located adjacent to NCT's existing industrial park project, NCT Smart Industrial Park (NSIP), in Kuala Langat.
The construction company said the proposed subscription is in line with the group's strategy of continuously pursuing opportunities to acquire strategic landbanks and property development projects to further expand and strengthen its property development business.
It said that upon completion of the proposed subscription, NCT World will emerge as the controlling shareholder of Semanja Murni, which owns the project land.
"The project land constitutes the principal assets of Semanja Murni and is expected to provide long-term value creation opportunities through future development potential, thereby enhancing NCT's earnings prospects and supporting its growth strategy.
"The project land, with an estimated gross development value of RM1.5 billion, is envisaged to be integrated into NSIP as part of a larger master-planned industrial ecosystem," it added.
The agreement is expected to enable NCT Alliance to streamline infrastructure planning, optimise the utilisation of shared facilities and enhance overall operational efficiency across its industrial development portfolio, while also strengthening the long-term growth potential and strategic positioning of NSIP.
Source: NCT Alliance Unit to Acquire Stake in Semanja Murni for RM 53 mil