Coastal Contracts wholly owned subsidiary had entered into a Share Sale Agreement and a Shareholders Agreement to acquire 82% equity in Jewel of Mabul Development for an estimate RM18.9 million.
JOMD is the registered owner of a parcel of land measuring 31.15 hectares situated at Pulau Mabul in the District of Semporna, Sabah. JOMD is undertaking the development of an overwater bungalow resort on the Land, which is
divided into Phase 1 and Phase 2.
As of Transaction Completion Date, the company said certain piling works for the Land has been partly completed by JOMD.
Coastal said the acquisition will provide an opportunity for Coastal Group to venture into tourism industry, which is expected to fully recover to pre-pandemic levels in 2024.
