KUALA LUMPUR, March 8 (Bernama) -- SP Setia Bhd plans to acquire 500,000 ordinary shares or the remaining 50 per cent equity interest in Setia Federal Hill for RM431.89 million.
"Upon completion of the proposed acquisition, Setia Federal Hill would become a wholly-owned subsidiary of the company," said the developer in a filing to Bursa Malaysia today.
Setia Federal Hill is currently the registered owner of 20.87 hectares of land close to the Kuala Lumpur City Centre with a market value of RM2.36 billion or RM1,050.00 per square feet.
It has the potential to be turned into an integrated commercial and residential development with a potential estimated gross development value (GDV) of about RM20.19 billion.
The proposed development was expected to contribute positively to the group's future earnings in the medium to longer term.