XSGB buys developer for RM18mil


PETALING JAYA: Xin Synergy Group Bhd (XSGB) has entered into a conditional share sale and purchase agreement with Harvest Capital Development Sdn Bhd and Big Land Capital Sdn Bhd to acquire the entire equity interest in Johor-based developer Medini Marina Sdn Bhd (MMSB) for RM18.24mil.

In a filing with Bursa Malaysia, XSGB said MMSB is the registered proprietor and beneficial owner of 203 plots of residential terraced lots and 36 plots of residential semi-detached lots within Kluang, Johor.

XSGB said the acquisition is part of the expansion plan for its property development portfolio.

“Upon completion of the proposed acquisition, MMSB will become a wholly-owned subsidiary of XSGB, allowing XSGB to consolidate the financial performance of MMSB in the group,” it said.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Hey, this wasn’t just about the economy, it was also about inflation
Firms eyeing worker housing
Wider net loss for Lotte Chemical Titan
Hup Seng remains cautious despite 3Q24 profit growth
Uniper to slow green overhaul
Services producer price index rises 0.3% in third quarter
Asian currencies tumble on projected Trump win
SCIB buys Bintulu land for RM18.4mil
Line of succession important for companies to thrive, says CMI
Haily lands RM90mil building job

Others Also Read