KUALA LUMPUR (March 17): Malaysian Resources Corp Bhd (KL:MRCB) has struck a land swap deal with Cyberview Sdn Bhd, in which the Minister of Finance Inc owns a 92.24% stake.
The other shareholders of Cyberview — the master developer of Cyberjaya — include Sime Darby Property Bhd (KL:SIMEPROP), with a 5.17% stake, and Permodalan Nasional Bhd, with a 2.59% stake.
In a filing with Bursa Malaysia, MRCB said its wholly-owned subsidiary, MRCB Land Sdn Bhd, is selling its 70% stake in CSB Development Sdn Bhd (CSBD) to Cyberview for RM219.04 million in cash. The 70% stake in CSBD comprises 700,000 shares and 2.28 million redeemable preference shares.
CSBD owns six parcels of land, five of which are in Dengkil and one in Cyberjaya. As of end-2023, CSBD’s net assets stood at RM318.84 million while it recorded a net loss of RM3.87 million for the year.
The bourse filing disclosed that the market values of the six parcels stand at RM365.5 million.
At the same time, MRCB is buying seven parcels of land in Cyberjaya and Dengkil from Cyberview for RM287.75 million.
The construction and property development group announced that its wholly-owned unit Subang Sentral Sdn Bhd has signed a sale and purchase agreement with Cyberview’s subsidiary, Cyberjaya City Centre Land Sdn Bhd (CCCL), in relation to the land purchases.
The seven parcels of land span 36.6 acres within the Cyberjaya city centre, a prime development zone, said MRCB in the filing.
According to the filing, CCCL’s investment cost in the tracts amounts to RM292.47 million, with the market value coming in at RM288.26 million.
MRCB said the acquisition would allow the group to consolidate its land ownership in Cyberjaya, facilitating a more holistic and integrated development strategy.
“The proposed disposal will allow MRCB to exit from the existing joint venture with Cyberview while the proposed acquisition allows MRCB to acquire lands in Cyberjaya and to plan a more holistic development for its own development,” the group stated.
MRCB’s shares were not spared from the current weak market sentiment. The stock had retreated from 52 sen to a recent low of 38 sen. It closed at 41 sen on Monday, giving the group a market capitalisation of RM1.83 billion.
