The ACE Market-listed company said Rekatech Suites Management Sdn Bhd (RSMSB), formerly known as Mega Sun Consortium Sdn Bhd, entered into the sale and purchase agreements on Jan 19, 2021 with Northern Prominence Sdn Bhd and YMS Corporate Services Sdn Bhd.
The healthcare real estate investment trust said the disposal consideration had been settled in full. The transaction was deemed completed on Sept 14.
The vacant parcels in Section U9, Shah Alam, have a combined area of about 2.11 million sq ft. Their 99-year leases expire on Dec 27, 2108.
In a Bursa Malaysia filing on Friday (Sept 18), the property developer said its 60%-owned subsidiary M Industrial Development Sdn Bhd and vendor Aura Muhibah Sdn Bhd had mutually agreed to extend the deadline from Sept 20 to Dec 21, 2026.
The REIT said it would incorporate energy-efficiency measures, renewable-energy initiatives and other sustainability-focused improvements into the AEIs where appropriate.
The land has a 99-year leasehold tenure and may be developed into residential condominiums or flats, with a maximum permissible gross floor area of 11,994 sq m. URA has estimated that the site could yield about 140 homes.
Among the initiatives supported is Sekolah Rintis Bangsa Johor, a pilot education model focusing on science, technology, engineering and mathematics (STEM), as well as English-language proficiency.
The RM475 million issuance is secured and unrated, and is not and will not be listed on Bursa Malaysia or any other stock exchange. It is guaranteed by Lagenda Properties.
In a Bursa Malaysia filing on Thursday (Sept 17), Mieco said the disposal by its wholly-owned subsidiary Seng Yip Furniture Sdn Bhd was completed on the same day.
The mandatory offer for MKHOP arose from Batu Kawan’s takeover of property developer MKH Bhd. MKH and its subsidiaries collectively hold a controlling stake in MKHOP.
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