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Lee Chong Wei's company sold land to Lian Da Group for 80 million.
$MAGMA (7243.MY)$ Spending 80 million ringgit to buy land in Kuala Lumpur, and the seller is the former badminton legend of our country, Datuk Lee Chong Wei's company!
Formerly known as Impiana, Lian Da Group recently reported to the exchange that through a combination of cash and shares, they acquired a 2.6-acre land in Dutamas, Kuala Lumpur from Skyload Company.
The announcement also revealed that Lee Chong Wei holds 45% of Skyload's shares; the remaining 55% is owned by Lian Da Group's chairman, Datuk Sri Lee Fook Chong's company, Empire Solaris, making this a related party transaction.
The total value of the above acquisition is 80 million ringgit, with the group planning to allocate 8 million ringgit in cash, plus issue 0.12 billion convertible non-redeemable preferred shares to complete the acquisition of the land.
Will become a major shareholder.
After the stock acquisition is completed, Skyload will hold 11.23% stake in Uni-Group, making Lee Chong Wei a major shareholder of the group.
Lee Chong Wei currently directly holds 26.5 million shares of Uni-Group, equivalent to 2.80% equity; while his wife, Mew Choo Wong, also holds 7 million shares of the group, or 0.74% equity.
In this round of land acquisition, Uni-Group aims to expand its real estate business, with the land already approved to build 2 buildings, one for 34 suites of serviced apartments and the other for commercial space.
At the same time, Uni-Group also announced a capital reduction of 0.380 billion Ringgit, aiming to improve the balance sheet and strengthen the group's financial resilience.
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【Contributing Journalist】 @AUSTIN CHONG
【Read Full Article】"Former Malaysian badminton number one" will become a major shareholder.
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Information source: Nanyang Commercial Daily
Disclaimer: This content is for reference and education purposes only, and does not constitute any specific investment, investment strategy, or recommendation. Readers should bear any risks and responsibilities arising from relying on this content. Before making any investment decisions, be sure to conduct your own independent research and evaluation, and consult with professional advisors when necessary. The author and related parties are not responsible for any losses or damages caused by the use or reliance on the information contained in this article.
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