PETALING JAYA: EcoFirst Consolidated Bhd is ready to acquire the remaining 49% stake in BCM Holdings Sdn Bhd for RM78.4 million, granting it full possession.
The acquisition will see EcoFirst get hold of full possession of 4.18 acres of freehold land in Sungai Besi.
According to a submitting with Bursa Malaysia right now, EcoFirst entered right into a conditional share sale settlement with Tan You Tiong for the proposed acquisition. Upon completion of the acquisition, BCM will turn into a wholly-owned subsidiary of EcoFirst.
EcoFirst CEO Tiong Kwing Hee mentioned the strategic location of the land will likely be helpful for the group.
“We are optimistic on the prospects of the event plans of BCM Properties and the sturdy take up fee in the course of the latest gentle launch, which has been convincing,” he mentioned in an announcement.
The growth initiatives are positioned alongside Jalan Satu, Chan Sow Lin in Kuala Lumpur and have been authorized by Kuala Lumpur City Hall.
Upon completion, the initiatives are anticipated to generate RM288 million in optimistic web money stream for EcoFirst.
The RM78.4 million for the 49% fairness will likely be totally funded by a mix of internally generated funds and financial institution loans.
EcoFirst had acquired 51% fairness in BCM for RM81.6 million in April final 12 months.
