Guocoland wants to buy PJ City Devt

GUOCOLAND (Malaysia) Bhd wants to buy PJ City Development Sdn Bhd from GuoLine Asset Sdn Bhd for RM29.8 million.

The acquisition will be financed wholly from borrowings, the company said yesterday.

Hong Leong Bank Bhd's Tan Sri Quek Leng Chan owns an indirect 65 per cent stake in GuocoLand.

PJ City owns two parcels of land in Petaling Jaya, one commercial and another industrial.

GuocoLand will convene an extraordinary general meeting to get shareholders approval for the acquisition.

By Business Times