KUALA LUMPUR (Nov 30): Bina Puri Holdings Bhd (Bina Puri) said the proposed acquisition of a 54.5% stake in Ideal Heights Properties Sdn Bhd (IHP) is expected to help the group become a bigger property development player.

It said the acquisition would allow the group to leverage on the development of the Kuantan Waterfront Resort City (KWRC) strategically situated near the Kuantan city centre.

IHP, via its subsidiary, Ideal Heights Development Sdn Bhd, is currently involved in developing the first phase of KWRC, which includes mixed, commercial and residential developments.

“The estimated gross development value for Imperium Residence Serviced Apartments is RM247.13 million while the expected completed date is March 31, 2019,” Bina Puri said in a circular to shareholders filed with Bursa Malaysia today.

On Aug 28 this year, Bina Puri announced that its wholly-owned subsidiary, Bina Puri Properties Sdn Bhd (Bina Puri Properties), planned to acquire a controlling stake in Ideal Heights Properties (IHP) with the proposed acquisition of 2.48 million shares representing a 54.5% stake in IHP for RM42.68 million.

Bina Puri Properties currently holds a 12% stake in IHP, and upon completion of the acquisition, it will hold a 66.5% stake, subsequently making IHP its subsidiary.

Bina Puri has issued a notice today for an extraordinary general meeting to be held on Dec 24, 2018 to obtain shareholders’ approval for the acquisition.