KUALA LUMPUR: LBS Group Bhd is selling its stakes in two companies involved in golf club operations and property development projects in Zhuhai, China for HK$1.65 billion (RM652 million).
Its wholly-owned Intellplace Holdings Ltd subsidiary yesterday signed a memorandum of understanding (MOU) for the sale and was signed with Jiuzhou Technology Co Ltd (JDX), a wholly-owned subsidiary of Jiuzhou Development Co Ltd (JDCL), which is listed on the Hong Kong Stock Exchange.
"The MOU provides for the parties to negotiate exclusively with each other and finalise the scope and terms of a sale and purchase agreement," LBS managing director Datuk Lim Hock San said in a statement yesterday.
The MOU will kick-start negotiations for JDX to acquire up to 100 per cent and not less than 60 per cent stake in Dragon Hill Corp Ltd, which is wholly owned by Intellplace.
Dragon Hill, through its subsidiaries, owns and operates the 36-hole Lakewood Golf Club and its adjoining property development project in Zhuhai.
By Business Times
Thursday, April 19, 2012
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