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NewsHo Hup buys 70% equity in ICA
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Ho Hup buys 70% equity in ICA
by Cals Sun 23 Aug 2015, 22:27
Ho Hup buys 70% equity in ICA
Saturday, 22 August 2015KUALA LUMPUR: Ho Hup Construction Co Bhd has bought a 70% stake in Intact Corporate Approach Sdn Bhd (ICA) from I4G Intelliganz Sdn Bhd for RM20mil.
ICA has the rights over 429 acres of leasehold land in Kulai, Johor, after it had struck a deal in July with YPJ Plantations Sdn Bhd – the registered land owner – to buy the land for RM107.3mil, where it would be transferred progressively to ICA in over five years.
Ho Hup said the acquisition of ICA would give the group access to the rights to develop the said 429-acre land, which is located within the Yayasan Pelajaran Johor Academic City near Kulai Town.
Development is expected to span 15 years from 2016 to 2031.
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