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.

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