MRCB sale of Platinum Sentral to Quill Capita Trust turns unconditional

by **Cals** Wed 25 Mar 2015, 00:28

MRCB sale of Platinum Sentral to Quill Capita Trust turns unconditional

By Meena Lakshana / theedgemarkets.com | March 24, 2015 : 11:15 PM MYT

KUALA LUMPUR (Mar 24): [size=14]Malaysian Resources Corp Bhd (MRCB) ([You must be registered and logged in to see this image.] Financial Dashboard)'s sale of Platinum Sentral to Quill Capita Trust ([You must be registered and logged in to see this image.] Financial Dashboard) for RM750 million for cash and shares has become unconditional subsequent to the fulfilment of all the conditions in the sale and purchase agreement, the company said in an announcement today.

To recap, MRCB (fundamental: 0.6; valuation: 0.6) had on April 10, 2014 signed the SPA with real estate investment trust Quill Capita Trust (fundamental: 055; valuation: 3) to dispose Platinum Sentral in KL Sentral.

The consideration comprised RM486 million in cash, and the balance was satisfied via the issuance of 206.25 million new Quill Capita Trust units at an issue price of RM1.28 per unit.

The sale would result in a divestment gain of some RM240 million, according to MRCB in earlier announcements.

The sale of the building also saw MRCB becoming a 31%-unitholder of the enlarged Quill Capita Trust upon completion of the exercise.

MRCB shares closed two sen or 1.59% lower at RM1.24 today, with a market capitalisation of RM2.22 billion.

Quill Capita Trust shares closed two sen or 1.63% lower at RM1.21, with a market capitalisation of RM472.06 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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