KUALA LUMPUR: Matrix Concepts Holdings Bhd’s wholly owned subsidiary, MCHB Development (KV) Sdn Bhd, has entered into three separate share sale and purchase agreements for proposed acquisitions totalling RM77.9 million.
In a filing with Bursa Malaysia, Matrix Concepts stated that its unit acquired 625,000 ordinary shares, representing a 50 per cent equity interest in Horizon L&L Sdn Bhd (HLLSB) from four vendors for a cash consideration of RM48.5 million.
The second deal involves the full acquisition of Exoland Property Management Sdn Bhd, comprising 10,000 ordinary shares from five vendors for RM19.4 million in cash.
Additionally, MCHB Development acquired 225,000 ordinary shares, or a 30 per cent equity interest, in Horizon L&L (SEL) Sdn Bhd from Valour Rock Sdn Bhd for RM10 million.
Matrix Concepts said that upon completion of the acquisitions, MCHB Development will effectively hold 70 per cent equity interest in the HLL group, with all subsidiaries of HLLSB becoming wholly owned.
"This offers a strategic opportunity for the MCHB group to enter the property development market in Selangor, opening a new market for the group, which has already established a presence in Negeri Sembilan and Johor, and has a track record in Kuala Lumpur.
"The acquisition aligns with MCHB’s long-term growth objectives and allows the group to leverage the HLL group's experience in high-rise mixed-use developments,” it said.
It added that the acquisitions are expected to generate strategic synergistic benefits in two key areas, namely a complementary business focus and an expanded geographical footprint, both of which are anticipated to support future business success and enhance shareholder value.
Barring any unforeseen circumstances, the acquisitions are expected to be completed by the second quarter of 2025. - Bernama
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