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MWE completes 22% stake purchase in KEuro

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MWE completes 22% stake purchase in KEuro Empty MWE completes 22% stake purchase in KEuro

Post by Cals Thu 03 Oct 2013, 22:03

MWE completes 22% stake purchase in KEuro
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com   
Thursday, 03 October 2013 19:10
KUALA LUMPUR (Oct 3): MWE HOLDINGS BHD [] has completed its acquisition of 115.4 million shares (22.15% stake ) in KUMPULAN EUROPLUS BHD [] (KEuro) from Tan Sri Chan Ah Chye, which was agreed to in July 2013.

In addition, the garment-maker seeking business diversification has also purchased another 26 million KEuro shares from Chan via direct deals, according to an announcement by KEuro.

Earlier reports said Penang-based MWE is attracted to the potential of the 233-km West Coast Expressway (WCE) project, majority owned byKEuro. The total value of the expressway is estimated to be RM5 billion.

It is also attracted to KEuro’s 50% stake in the RM10 billion Bandar Rimbayu, formerly known as Canal City, near Kota Kemuning, Shah Alam.

IJM CORPORATION BHD [] is the other major shareholder of KEuro, holding about 24% stake in the company.
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