KUALA LUMPUR: The Employees Provident Fund (EPF) will be acquiring an 80 per cent stake in the Malaysian Resources Corporation Bhd's (MRCB) unit that will receive land in Kuala Lumpur in exchange for upgrading and privatising the National Sports Complex (NSC) in Bukit Jalil.
MRCB will hold the remaining 20 per cent stake in the 11.4 hectare of land in Bukit Jalil, the company told Bursa Malaysia in a filing today.
MRCB said its 85 per cent-owned Rukun Juang Sdn Bhd would receive the land in exchange under the privatisation agreement with the Youth and Sports Ministry and Syarikat Tanah dan Harta Sdn Bhd.
MRCB would then subscribe for a 20 per cent in the company which would be directed by Rukun Juang to hold the exchange land.
The other 80 per cent would be taken up by the EPF for RM421.52 million.