KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) is buying the 51 per cent stake held by Pelaburan Hartanah Bhd in Penang Sentral Sdn Bhd for RM50.75 million.
Penang Sentral is a joint-venture company set up to implement the Penang Sentral project.
After the payment, Penang Sentral will become a wholly-owned unit of MRCB.
The acquisition will enable MRCB to better manage the operations and fast-track Penang Sentral project and improve the efficiency through single management structure.
MRCB group managing director Tan Sri Mohamad Salim said this initiative will create a clearer way for MRCB with regards to the Penang Sentral project.
“The project will also benefit in terms of the fast-tracking works that MRCB can now implement, especially in project management and coming up with a definite timeline and completion period,” he said in a statement yesterday.
Penang Sentral is an urban development with mixed components built around the largest integrated transportation hub in Malaysia’s northern region. This mixed development is poised to transform Butterworth into a modern metropolis and will house retail, commercial and residential components.
Penang Sentral is a phased development and is expected to be fully completed by 2030.