ATTA Global which is mainly involved in iron and steel coil, through its subsidiary Sparkle Gateway Sdn. Bhd. had entered into a Shares Sale Agreement with Lotus Conquest Sdn. Bhd. for the acquisition of 1,600,000 ordinary shares in Mutiara Biopolis Properties Sdn. Bhd. equivalent to 80% of the total shareholding interest in the company.
The purchase price is for a total consideration of RM5 million which upon completion will be injected into Sparkle Gateway by ATTA.
Penang based Mutiara Biopolis Properties which is involved in residential development in the island has also signed the Reclamation Agreement with the Penang Development Corporation to reclaim and develop a site located in Barat Daya, Pulau Pinang.
ATTA says the proposed acquisition is in line with the Group’s strategic planning of expanding its participation in the reclaiming business. Given its strategic location and development potential of the land, the proposed acquisition will present an opportunity for the group to scale up its development in the vicinity and will enable the company to achieve long term growth with greater sustainability to its future earnings.
