KUALA LUMPUR, April 14 Malaysian property
developer S P Setia Bhd said on Friday it will buy
privately held rival I&P Group for over 3.5 billion ringgit
($794.55 million) to create one of the country's largest real
The indicative price for the proposed acquisition is
estimated to be within the range of 3.5 billion ringgit to 3.75
billion ringgit, SP Setia said in a bourse statement.
Permodalan Nasional Bhd (PNB), a state investment fund and
significant shareholder in both the companies, said it will
provide the necessary capital support for the deal.
PNB owns 63.5 percent of SP Setia, according to Thomson
Reuters data, while I&P Group is a wholly owned subsidiary of
"This combination will create the largest property company
in Malaysia and one of the leading players, with a total land
bank of close to 10,000 acres," PNB president and group chief
executive Abdul Rahman Ahmad said.
($1 = 4.4000 ringgit)
($1 = 4.4050 ringgit)
(Reporting by Liz Lee; Editing by Vyas Mohan)