Matrix Concepts sells MVV Techvalley land parcels in related-party deal

• Matrix’s 85%-owned subsidiary N9 Matrix Development Sdn Bhd is disposing of the land parcels to Bidara Pesona Sdn Bhd. 

KUALA LUMPUR (Dec 9): Matrix Concepts Holdings Bhd (KL:MATRIX) is disposing of two parcels of vacant land in MVV Techvalley industrial park in Negeri Sembilan for a total of RM24.61 million in a related-party transaction.

The parcels—one measuring 3.92 acres and valued at RM11.61 million, and another spanning 4.39 acres valued at RM13 million—form part of the group’s ongoing MVV Techvalley industrial development, according to the group's filing with Bursa Malaysia on Tuesday (Dec 9).

Matrix’s 85%-owned subsidiary N9 Matrix Development Sdn Bhd is disposing of the land parcels to Bidara Pesona Sdn Bhd. 

Bidara Pesona is wholly-owned by Strategic Castle Sdn Bhd, in which Matrix founder and managing director Datuk Seri Lee Tian Hock and his spouse Datin Seri Yong Chou Lian are deemed interested. Both also sit on Bidara Pesona’s board.

Matrix said the transaction was undertaken in the ordinary course of N9 Matrix’s business, with no liabilities to be assumed by the group pursuant to the sale.

Matrix Concepts shares, which have fallen over 16% year-to-date, closed unchanged at RM1.32 on Tuesday. This gives the Seremban-based property developer a market capitalisation of RM2.48 billion.

Unlock Malaysia’s shifting industrial map. Track where new housing is emerging as talents converge around I4.0 industrial parks across Peninsular Malaysia. Download the Industrial Special Report now.