KUALA LUMPUR (Sept 14): Johor Corp Bhd (JCorp), the state-controlled investment arm of Johor, has re-emerged as the largest shareholder of Damansara Holdings Bhd after buying a 49.57% stake in the company for RM78.91 million.

JCorp — through wholly-owned Absolute Ambient Sdn Bhd — bought the stake comprising 157.82 million shares from Seaview Holdings Sdn Bhd at 50 sen per share, Damansara Holdings said in a Bursa Malaysia filing today.

Seaview Holdings, the vehicle of well-connected businessman Datuk Daing A Malek Daing A Rahman, in February 2014 bought from JCorp 157.78 million shares in Damansara Holdings at 50 sen a share, or a total sum of RM78.89 million.

This was well below the market price of RM1.71 per Damansara Perdana share at that time, noted The Edge Malaysia weekly in a report about JCorp in its Aug 2-8 edition.

The report quoted sources as saying that JCorp was in the midst of a large-scale restructuring exercise, which entails a full-scale review of its business ventures.

In its filing today, Damansara Holdings said: "JCorp recognises that the Damansara Holdings group's business is complementary to its existing businesses under its real estate and infrastructure segment.

"The proposed acquisition provides an opportunity for the JCorp group to consolidate and expand its capability and footprint of its existing property management and facilities management business."

Damansara Holdings is principally involved in the provision of facility management services for properties, operation of car parks, property development, and project management and consultancy services for the property, healthcare, energy and construction sectors.

Shares in Damansara Holdings rose nine sen or 22.5% to 49 sen, valuing the company at RM156.01 million.