The M3 Mall in Gombak. -Filepic
PETALING JAYA: Property developer LBS Bina Group Bhd said it will buy Gerbang Mekar Sdn Bhd, the mall owner and operator of the M3 Mall in Gombak, for RM105mil via a combination of cash and kind.
In a statement to Bursa Malaysia, LBS said its wholly-owned unit Saujana Tunggal Sdn Bhd had inked an agreement with Jadi Wawasan Sdn Bhd and Chua Choon Yang to acquire Gerbang Mekar.
LBS Bina will pay Jadi Wawasan and Chua Choon Yang RM12mil cash for the 100% stake in Gerbang Mekar. It will also, repay RM5.2mil of directors’ advances in cash in five instalments within a nine-month period, and another RM40.8mil worth of shareholders’ advances “by contra of units of real properties developed or to be developed” by LBS Bina group.
