KUALA LUMPUR (Dec 22): Malaysian Resources Corp Bhd (MRCB) has proposed to acquire the rights to carry out the development of an office tower in the PJ Sentral commercial development from the Selangor State Development Corp (PKNS), for RM270 million.

The acquisition consideration will be satisfied through the disposal of malls and several residential units to PKNS, and funding through internally generated funds, said MRCB in a bourse filing on Friday.

MRCB said the group plans to dispose of Plaza Alam Sentral Mall and the adjoining land in Section 14, Shah Alam, to PKNS, for RM178 million.

Additionally, several residential units — 11 units of Residensi Vivo, 9 Seputeh and 20 units of Residensi Tria Seputeh located adjacent to Old Klang Road, as well as 13 units of The Residences at the St Regis Kuala Lumpur in KL Sentral — will be sold to PKNS for RM79.92 million.

"The proposed acquisition allows MRCB to regain development rights and plan a more holistic development in its current PJ Sentral project. The proposed mall and residential unit disposals will enable MRCB to divest its non-core assets and inventories to focus on its ongoing developments," said MRCB.

Shares in MRCB settled 0.5 sen or 1.11% lower at 44 sen on Friday, giving the group a market capitalisation of RM1.97 billion.