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MRCB gains RM240m on Platinum Sentral disposal to QCT

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MRCB gains RM240m on Platinum Sentral disposal to QCT Empty MRCB gains RM240m on Platinum Sentral disposal to QCT

Post by Cals Fri 11 Apr 2014, 01:33

MRCB gains RM240m on Platinum Sentral disposal to QCT
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Thursday, 10 April 2014 19:07

KUALA LUMPUR (Apr 10): Malaysian Resources Corporation Bhd (MRCB) announced the sale of Platinum Sentral to Quill Capita Trust (QCT) for RM750 million.

MRCB stands to gain RM240 million from the disposal of the property, it said.

The RM750 million sale will be satisfied via cash of RM486 million and the issuance of 206.25 million new QCT units at RM1.28 per unit.

Simultaneously, the group had entered into share sale agreements with CapitaLand RECM Pte Ltd and Coast Capital Sdn Bhd to acquire their respective 40% and 1% stakes in Quill Capita Management, the management company of QCT, for RM6 million.

With the acquisition of the 41% stake, MRCB will be one of the major shareholders in Quill Capita Management.

“We will use QCT as the platform for further injection of other prime assets in the pipeline.

“In addition, immediately upon the transaction, MRCB will be able to record approximately RM240 million in profit, which represents 15 sen earning per share for MRCB for this financial year,” said Datuk Mohamad Salim Fateh Din, group managing director of MRCB.
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