PETALING JAYA: Jaya Tiasa Holdings Bhd
(JTH) is acquiring a 55% stake in Wealth Houses Development Sdn Bhd (WHD), which owns a 5,967 hectare piece of leasehold land in Sarawak, for RM52.3mil.
In a filing with Bursa Malaysia, JTH said it had entered into a conditional share sale agreement with Tiong Toh Siong Holdings Sdn Bhd, Tiong Toh Siong Enterprises Sdn Bhd and Knightbridge Venture Sdn Bhd for the acquisition.
JTH said WHD entered into a joint venture agreement (JVA) in July 2004 and a supplementary in January 2023 with Erajaya, a wholly-owned subsidiary of JTH, to jointly develop the said land into oil palm plantation.
“The proposed acquisition will afford JTH a controlling interest in WHD which owns the said land. This will ensure security of tenure for future replanting at the land instead of relying on the JVA which may be subject to changes at any time.”
