Aug 26, 2009

UM Land ties up with Tradewinds Johor

PETALING JAYA: United Malayan Land Bhd (UM Land) has proposed a joint venture with Tradewinds Johor Sdn Bhd to govern Extreme Consolidated Sdn Bhd (ECSB), and to participate in a property development project in Kulai, Johor.

Tradewinds Johor is an indirect wholly-owned subsidiary of Tradewinds Corp Bhd.

In a filing with Bursa Malaysia yesterday, UM Land proposed to purchase the remaining 49% of the total issued and paid-up share capital of ECSB in a call option agreement with Tradewinds Johor.

And UM Land – through wholly-owned subsidiary ECSB – has proposed to acquire a piece of freehold 629.25-acre land in Kulai from Ambang Budi Sdn Bhd and Hartaplus Realty Sdn Bhd for RM233mil cash upon the terms and conditions in the sale and purchase agreement dated Feb 12.

UM Land will hold an EGM in respect of the proposed joint venture and acquisition on Sept 10 in Kuala Lumpur.

UMLAND :  [Stock Watch]  [News]

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