Encorp Bhd, which has very little land left for development, could enter into joint ventures or see a major asset injection from its landrich new major shareholder Felda Investment Corp Sdn Bhd (FIC), which has at least 3,000 acres spread over the country, including sizeable parcels in Kuala Lumpur.
Last Tuesday, Encorp announced that its major shareholders had entered into separate conditional sale and purchase agreements with FIC that will see the latter gain a 49.45% stake in the property developer, along with warrants and redeemable convertible secured loan stocks (RCSLS), for RM239.7 million cash.
For FIC, the deals are in line with its strategy to build its
capabilities in property development and will serve as a platform for it
to undertake the development of its landbank.
“Encorp happened to us at the right time — when we were searching for a platform to develop our landbank. We did our homework, looked into its proposal and thought Encorp fitted right into our requirement [for synergy],” FIC CEO Mohd Zaid Abdul Jalil tells The Edge.
He says the company’s 3,000 acres are in Melaka, Johor and the Klang Valley, among others. In fact, it has 20 acres in Jalan Semarak, Kuala Lumpur, in the vicinity of Jalan Tun Razak.
“We are in this for the long haul,” remarks Mohd Zaid. “We believe what we offered Encorp’s shareholders was attractive and the returns from this synergy will be even more attractive.”
For the full article, pick up a copy of The Edge Malaysia at all good newsstands and bookstores OR visithttp://bit.ly/subscribetheedgemalaysia to get the weekly issue and more on your tablet or PC.
You can view our Editor's picks from this week's issue, watch our latest videos and read selected articles for free at http://bit.ly/TEMTheEdgeHub.
“Encorp happened to us at the right time — when we were searching for a platform to develop our landbank. We did our homework, looked into its proposal and thought Encorp fitted right into our requirement [for synergy],” FIC CEO Mohd Zaid Abdul Jalil tells The Edge.
He says the company’s 3,000 acres are in Melaka, Johor and the Klang Valley, among others. In fact, it has 20 acres in Jalan Semarak, Kuala Lumpur, in the vicinity of Jalan Tun Razak.
“We are in this for the long haul,” remarks Mohd Zaid. “We believe what we offered Encorp’s shareholders was attractive and the returns from this synergy will be even more attractive.”
For the full article, pick up a copy of The Edge Malaysia at all good newsstands and bookstores OR visithttp://bit.ly/subscribetheedgemalaysia to get the weekly issue and more on your tablet or PC.
You can view our Editor's picks from this week's issue, watch our latest videos and read selected articles for free at http://bit.ly/TEMTheEdgeHub.
![FELDA INVESTMENT MAY INJECT ASSETS INTO ENCORP
Encorp Bhd, which has very little land left for development, could enter into joint ventures or see a major asset injection from its landrich new major shareholder Felda Investment Corp Sdn Bhd (FIC), which has at least 3,000 acres spread over the country, including sizeable parcels in Kuala Lumpur.
Last Tuesday, Encorp announced that its major shareholders had entered into separate conditional sale and purchase agreements with FIC that will see the latter gain a 49.45% stake in the property developer, along with warrants and redeemable convertible secured loan stocks (RCSLS), for RM239.7 million cash.
For FIC, the deals are in line with its strategy to build its capabilities in property development and will serve as a platform for it to undertake the development of its landbank.
“Encorp happened to us at the right time — when we were searching for a platform to develop our landbank. We did our homework, looked into its proposal and thought Encorp fitted right into our requirement [for synergy],” FIC CEO Mohd Zaid Abdul Jalil tells The Edge.
He says the company’s 3,000 acres are in Melaka, Johor and the Klang Valley, among others. In fact, it has 20 acres in Jalan Semarak, Kuala Lumpur, in the vicinity of Jalan Tun Razak.
“We are in this for the long haul,” remarks Mohd Zaid. “We believe what we offered Encorp’s shareholders was attractive and the returns from this synergy will be even more attractive.”
For the full article, pick up a copy of The Edge Malaysia at all good newsstands and bookstores OR visithttp://bit.ly/subscribetheedgemalaysia to get the weekly issue and more on your tablet or PC.
You can view our Editor's picks from this week's issue, watch our latest videos and read selected articles for free at http://bit.ly/TEMTheEdgeHub.](https://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-prn1/t1.0-9/p240x240/10307241_10152450270688086_7379806443745460443_n.png)
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