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Gamuda Expand landbank for RM784.3mil

KUALA LUMPUR (Aug 04): Gamuda Bhd plans to acquire the entire stake in Salak Land Development Sdn Bhd for RM784.3 million in cash, hoping to expand its land bank by gaining ownership of a 619 ha- land that is located right next to Expressway Lingkaran Tengah (ELITE Highway).

In a filing with Bursa Malaysia yesterday, Gamuda said it had on last Thursday (July 31) signed the share sale agreement with property developer Salak Park Sdn Bhd on the deal.

Salak Land, a locally-incorporated private limited company on Aug 03, 1994, involves in property holding, development of an eco-tourism resort and plantation business.

It has an authorised share capital of RM25 million comprising 25 million shares, out of which 10.8 million shares are issued and fully paid up.

Salak Land, currently wholly-owned by Salak Park, is also the registered owner of a piece of leasehold land measuring about 619 ha, situated in a matured area of Selangor, with positive prospects for mix property development.

The land is currently classified as agricultural land, with lease tenure expiring on Oct 06, 2093
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