SP Setia to develop Bangsar land on its own, share price rise 1 sen

PETALING JAYA: SP Setia Bhd’s share price rose 1 sen this morning after it announced the acquisition of the remaining 50% stake of Setia Federal Hill, which owns 51.57 acres of leasehold land in Bangsar.
At 11.13am, its share price was 0.32% or 1 sen higher at RM3.17 with a total of 76,700 shares traded.
The group told Bursa Malaysia that it is buying the stake for RM431.89 million cash from Mekar Gemilang Sdn Bhd. Setia Federal Hill is a joint venture company held equally by SP Setia and Mekar Gemilang, established to undertake a development project on the land.
SP Setia expects the proposed acquisition to enhance the consolidated net assets of the group and net assets per share of SP Setia in the future, in view of the potential future profit contribution arising from the development of the land.