Sunday, September 6, 2009

Plenitude to increase land bank through proposed acquisition

Plenitude Berhad, through its wholly owned subsidiary, Plenitude Permai Sdn Bhd has on 5 June 2009 launched a proposed hundred per cent acquisition of Intisari Sanjung (M) Sdn Bhd.

The amount offered was RM24.5 million cash on a ‘willing-buyer-willing seller’ basis.

Intisari Sanjung is the registered proprietor and beneficial owner of 327 separate parcels of leasehold land located in Mukim Dengkil, Daerah Sepang, Negeri Selangor.

The land parcels are next to Plenitude Permai Sdn Bhd ongoing mix development project at Taman Putra Prima.

According to Madam Chua Elsie, Executive Chairman of Plenitude, “The proposed acquisition is in tandem with Plenitude’s corporate vision of increasing land banks required for our property development business. As often-mentioned, we are always on the lookout for a good piece of land. We seize the opportunity when we see one and our healthy balance sheet and cash flow position are able to support us in such prospects.”

She added, “The said Lands will be considered for future development of residential and commercial properties. It will not only provide our Group with a new sustainable source of income but it will also enhance our position in the property development sector.”


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