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Eastland plans private placement
by Cals Wed 10 Jul 2013, 03:33
Eastland plans private placement
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 09 July 2013 18:39
KUALA LUMPUR (July 9): Eastland Equity Bhd plans to undertake a private placement of shares in the property developer and hospitality player.
In a statement to the exchange today, Eastland formerly known as FURQAN BUSINESS ORGANISATION [] Bhd, said it has appointed M&A Securities Sdn Bhd as the main adviser for the private placement.
"The full details of the exercise will be announced in due course," Eastland said without elaborating.
In a separate statement, Eastland said it will sign a joint-venture agreement with Zalam Corp Sdn Bhd to jointly develop a piece of vacant land in Kota Bharu, Kelantan.
Eastland which owns the land, said Zalam is an "unrelated party".
"The company (Eastland) will make further announcement upon finalisation and execution of the agreement between the parties," Eastland said.
Eastland has been in investors' radar. Shares of the company soared as much as 19 sen or 17% to RM1.32 today before closing five sen higher at RM1.18.
Some 26 million shares changed hands.
Bernama, quoting sources, reported that Mohd Nazifuddin Najib is seen to be entering the fray to thwart a group led by businessmen Teh Soon Seng, over control of Eastland.
According to the report, the two groups would likely battle for control of Eastland, the jewel in the crown, of which, is the Renaissance Kota Bharu, the only five-star hotel in Kota Baru, Kelantan.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 09 July 2013 18:39
KUALA LUMPUR (July 9): Eastland Equity Bhd plans to undertake a private placement of shares in the property developer and hospitality player.
In a statement to the exchange today, Eastland formerly known as FURQAN BUSINESS ORGANISATION [] Bhd, said it has appointed M&A Securities Sdn Bhd as the main adviser for the private placement.
"The full details of the exercise will be announced in due course," Eastland said without elaborating.
In a separate statement, Eastland said it will sign a joint-venture agreement with Zalam Corp Sdn Bhd to jointly develop a piece of vacant land in Kota Bharu, Kelantan.
Eastland which owns the land, said Zalam is an "unrelated party".
"The company (Eastland) will make further announcement upon finalisation and execution of the agreement between the parties," Eastland said.
Eastland has been in investors' radar. Shares of the company soared as much as 19 sen or 17% to RM1.32 today before closing five sen higher at RM1.18.
Some 26 million shares changed hands.
Bernama, quoting sources, reported that Mohd Nazifuddin Najib is seen to be entering the fray to thwart a group led by businessmen Teh Soon Seng, over control of Eastland.
According to the report, the two groups would likely battle for control of Eastland, the jewel in the crown, of which, is the Renaissance Kota Bharu, the only five-star hotel in Kota Baru, Kelantan.
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