Leading township developer & largest owner of prime land in the country sign MOU

SP Setia Berhad (SP Setia), Permodalan National Berhad (PNB) and Amanahraya Trustees Berhad (as trustee for Amanah Saham Bumiputera) today had entered into a non-binding Memorandum of Intent (MOI) to commence negotiations on the proposed acquisition by SP Setia of the entire equity interest in I&P Group Sdn. Berhad (I&P Group), which has remaining 4,263 acres of landbanks to fast track its expansion plan.

Meanwhile, on the same event, SP Seta, via its owned subsidiary, KL East Sdn Bhd, entered into a conditional sale and purchase agreement to acquire a parcel of land measuring approximately 342.5 acres located in Bangi, Selangor, known as Bangi Estate (Bangi Land), from a subsidiary of PNB Development Sdn. Berhad (PNB Development), Seriemas Development Sdn. Berhad, for a purchase price of approximately RM447.58 million (RM30.00 per square foot) plus a share of the future, audited profit before taxation from the development of the said land, up to a maximum of RM3.00 per square foot.

Upon successful completion of the proposed I&P acquisition, S P Setia will have increase its prime land banks in central Klang Valley and Johor Bahru significantly as the S P Setia president and CEO Datuk Khor Chap Jen said the acquisition of I&P “will allow us to tap the synergistic opportunities that I&P Group could offer given that its land banks are local within growth areas in the central part of the Klang Valley and Johor Bahru”.