BUSINESS

SUNGEI BAGAN RUBBER TO OWN 100 PCT EQUITY INTEREST IN TORBRIDGE HOLDINGS THROUGH TRANSFER OF EQUITY

07/05/2021 11:22 PM

KUALA LUMPUR, May 7 -- Sungei Bagan Rubber Company (Malaya) Bhd has proposed to transfer its entire 49 per cent interest in Balland Properties Ltd and 9.44 per cent equity interest in Kuchai Development Bhd in exchange for 100 per cent equity interest in Torbridge Holdings Ltd held by Nyalas Rubber Ltd at a value of RM32.166 million.

Sungei Bagan Rubber’s stake in Balland Properties is held by its wholly-owned unit Springvale International Ltd.

In a filing with Bursa Malaysia today, it said the proposal is aimed at attaining ownership of Flat 6, approximately one mile south-west of central London, through Torbridge Holdings at the Torbridge Holdings’ value and settling the same solely through the transfer of assets without any cash outlay.

It said Sungei Bagan Rubber through its wholly-owned subsidiary, Lanstar Assets Ltd, currently owns Flat 5, an adjoining residential flat to Flat 6, which has been fully tenanted in the past three financial years since the financial year 2018 with an average gross rental yield of approximately 1.93 per cent per annum.

“The proposed exchange will therefore afford the company and its subsidiaries the opportunity to streamline and strengthen the group’s portfolio of investments, improve its asset yield and revenue and enhance shareholders’ value,” it said.

Sungei Bagan Rubber said it is confident that the ownership of Torbridge and Flat 6 would strengthen the company’s portfolio of investments and contribute positively to its future financial performance.

It added that barring any unforeseen circumstances and subject to all requisite approvals/consents being obtained, the proposed exchange is expected to be completed by the third quarter of 2021.

-- BERNAMA

 

 


 


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