Firm says RM66.6mil acquisition part of objective to invest in strategic landbanksPETALING JAYA: Property developer Hua Yang Bhd has acquired a 10.8% stake in developer Magna Prima Bhd for RM66.6mil. According to stock market data, some 36 million Magna Prima shares were crossed off-market in four separate blocks at RM1.85 yesterday, with the transaction price being the highest since 1997. “The purchase consideration was arrived at on a willing buyer-willing seller basis after taking into consideration HYB’s evaluation on Magna’s landbank and development potentials,” Hua Yang in a filing with Bursa Malaysia yesterday. According to Hua Yang, the acquisition is part of its objective to invest in strategic landbanks or companies which hold such landbanks, which are located in areas that are easily accessible and surrounded by ready amenities. Between Jan 3 and 25, its stock price increased from RM1.29 to RM1.63, or a 26% gain.

Source: The Star January 25, 2017 23:05 UTC