SINGAPORE (June 28): CSC Holdings says its jointly owned Top3 Development has accepted a conditional letter of offer to acquire a 15-acre freehold land plot in Seremban, Negeri Sembilan, Malaysia.

The land acquisition is subject to approval for the conversion of land use to commercial use, and the execution of the sale and purchase agreement on terms mutually agreed by Top3 and the vendor.

Top3 is a joint venture between CSC’s wholly owned subsidiary CS Real Estate Investment, Triplestar Properties, and Zillion Holding. CS Real Estate Investment owns 40%, Triplestar Properties owns 40% and Zillion owns 20%.

Triplestar Properties is 75% owned by Triplestar Holdings, a company controlled by CSC’s controlling shareholder Ng San Tiong Roland and his family, and 25% is owned by Ng’s sibling, Ng Sang Kuey.

As such, Triplestar Properties, Triplestar Holdings and Ng are considered interested parties in the transaction. Zillion is owned by three third-party individuals.

The consideration for the land is RM43 million ($14.3 million), including stamp duties, GST and other costs. A refundable deposit of about RM0.8 million is payable upon the acceptance of the letter of offer pending the signing of a formal SPA to acquire the land, and the acquisition will be fully financed through a combination of shareholder funds and bank loans.

CSC shares closed lower at 2.2 cents on June 28.