KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) has proposed to acquire the development rights for an office tower in the PJ Sentral commercial development from the Selangor State Development Corp (PKNS).
MRCB and PKNS had inked several agreements, the company said in a Friday filing with Bursa Malaysia.
The development rights for the office tower will be purchased by PJ Sentral Development Sdn Bhd (PJSD), a wholly-owned subsidiary of MRCB, for RM270 million.
"The exercise is to carry out the development of an office tower known as Tower Two in PJ Sentral Development from PKNS, with a land area of 3.69 hectares.
"The proposed acquisition allows MRCB to regain development rights and plan a more holistic development in its current PJ Sentral project," it said.
The acquisition will be satisfied through the disposal of malls and several residential units to PKNS, and through internally generated funds.
MRCB intends to sell Plaza Alam Sentral Mall and the surrounding land in Section 14, Shah Alam, to PKNS for RM178 million through MRCB Sentral Properties Sdn Bhd.
In addition, MRCB will sell 11 units of Residensi Vivo, 9 Seputeh, and 20 units of Residensi Tria Seputeh located adjacent to Old Klang Road, as well as 13 units of The Residences at the St Regis Kuala Lumpur in KL Sentral, to PKNS for RM79.92 million.
"The proposed mall and residential unit disposals will enable MRCB to divest its non-core assets and inventories to focus on its ongoing developments," said MRCB.
MRCB's market capitalisation was RM1.97 billion after its shares closed at 44 sen on Friday, down 0.5 sen or 1.11 per cent.