PROPERTY developer Tebrau Teguh Bhd, which will see the involvement of construction tycoon Datuk Lim Kang Hoo of Ekovest Bhd in the company, has been chosen by the Johor government to develop 161 hectares of land in the southern state.
The land, located in Pengerang, Kota Tinggi, within the oil and gas industry hub, is to be a comprehensive mixed development that complements Petroliam Nasional Bhd’s US$20 billion (RM60.8 billion) refinery and petrochemicals integrated development.
Tebrau Teguh obtained its letter of appointment from the state government on January 30, it told the stock exchange late yesterday.
The land is owned by the state.
Meanwhile, Lim and Tebrau Teguh’s biggest shareholder, Kumpulan Prasarana Rakyat Johor (KPRJ), are launching a takeover of the property developer.
Tebrau Teguh said, in a separate stock exchange filing yesterday, that KPRJ plans to sell a 33.15 per cent stake in Tebrau Teguh to Iskandar Waterfront Holdings Sdn Bhd (IWH) for 76 sen a share, or RM168.7 million in total.
The move will result in IWH having to make a mandatory general offer for the rest of Tebrau Teguh’s shares at the same price.
KPRJ, which is the Johor state’s investment arm, currently owns a direct 41.15 per cent stakein Tebrau Teguh.
According to Tebrau Teguh, IWH is owned by KPRJ and Credence Resources Sdn Bhd. It did not state their exact shareholding in IWH, saying only that IWH’s directors are Lim, Lim Hoe, Lim Keng Cheng, Lim Chen Herng, Datuk Shahir Nasir, Datuk Ayub Mion and Johar Salim Yahaya.
Interestingly, Lim also owns 70 per cent of Danga Bay Sdn Bhd (DBSB) – the master developer of the Danga Bay waterfront project in Johor – via Credence Resources. KPRJ owns the other 30 per cent of DBSB.
Recent news reports have speculated that DBSB may be injected into Tebrau Teguh as Lim seeks to consolidate his investments. Tebrau, however, when queried by the stock exchange, said yesterday it was “not in any form of discussion with any parties” to buy DBSB.
Lim, a prominent businessman in Johor, is also the co-founder and chairman of Ekovest.
IWH’s offer price of 76 sen a share for Tebrau Teguh is just one sen higher than its last trading price. The stock, which was suspended on Monday this week pending the announcements that were made yesterday, will resume trade tomorrow.
IWH and KPRJ are to enter into definitive agreements on the Tebrau Teguh purchase on April 29, at the latest.
The mandatory offer will be conditional upon IWH and parties acting in concert with it holding more than 50 per cent of the voting shares in Tebrau Teguh.
By Business Times
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