KUALA LUMPUR (March 21): Construction firm Inta Bina Group Bhd (KL:INTA) is acquiring a 100% stake in Aliran Restu Sdn Bhd, which holds development rights to three parcels of land in Bandar Glenmarie, Selangor, for RM5 million.
In a bourse filing on Friday, the group said it will fund the acquisition of the interest in Aliran Restu from Zikay Properties Sdn Bhd through internally generated funds.
According to Inta Bina, Aliran Restu has been appointed by the Selangor Housing and Property Board (LPHS) as the developer for the three parcels of land in Bandar Glenmarie.
The purchase price was determined on a willing-buyer, willing-seller basis, considering the future earnings potential of the development project in Bandar Glenmarie, it noted.
The acquisition, which is to be completed by the end of March, provides an opportunity for the group to continue its "development and construction activities", Inta Bina said.
Shares in Inta Bina closed unchanged at 42.5 sen on Friday, giving the company a market capitalisation of RM235.1 million. The stock is down 14.14% this year.
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