KUALA LUMPUR: ECM Libra Group Bhd
(ECMLG) has proposed to acquire the entire equity interest in Desaru Beachfront 2 Sdn Bhd (DB2SB) for RM17.05mil cash.
ECMLG’s indirect wholly owned subsidiary, ECM Libra Desaru Sdn Bhd entered into a conditional share sale agreement (SSA) with Desaru Development Holdings One Sdn Bhd for the proposed acquisition of two ordinary shares and 1.19 million redeemable convertible preference shares, representing 100% equity interest in DB2SB.
“Upon completion of the proposed acquisition of DB2SB, DB2SB will become an indirect wholly-owned subsidiary of ECMLG,” it said in a filing with Bursa Malaysia.
Concurrently, ECMLG via ECM Libra Beachfront Sdn Bhd, its wholly-owned subsidiary has entered into a conditional sale and purchase agreement (SPA) with Desaru Beach Parks Sdn Bhd (DBPSB) for the proposed acquisition of a piece of 44,427.00 square metres leasehold land in Kota Tinggi, Johor for RM19.8mil.
“The proposed acquisition of DB2SB presents an attractive opportunity for the group to further expand its footprint in the hospitality sector by diversifying into Desaru Coast, the group envisages a positive outlook for the DB2SB land,” it said.
