KUALA LUMPUR (May 15): Lim Seong Hai Capital Bhd (KL:LSH) has received an offer from Railway Assets Corp (RAC) to purchase two land parcels measuring 17.4 acres in Pekan Country Height, Selangor, for RM197.9 million.
The site is intended for a property development project, according to a filing by the construction and property development company on Friday.
The offer follows LSH Capital’s earlier proposal to develop the land in response to a request for proposal from RAC.
Details of the planned development were not disclosed.
A formal agreement is to be inked within 30 days from the acceptance of the letter of offer, it noted.
The deal will be subject to several requisite approvals being obtained by LSH Capital within six months from the formal agreement.
This comprises approval from LSH Capital shareholders at an extraordinary general meeting to be convened, approval from the Ministry of Economy, and approval from any other governmental, statutory bodies or local councils required.
LSH Capital noted that RAC has the right to terminate the letter of offer in the event of any misrepresentation or disclosure of partial, incomplete, inaccurate or non-disclosure of material information by the company that is relevant to the proposed development.
Shares of LSH Capital ended one sen or 0.56% lower at RM1.79 on Friday, valuing the company at RM1.5 billion.
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