Social Mixer 2024 Singapore
marketing interactive Content360 Singapore 2024 Content360 Singapore 2024
marketing interactive

S P Setia looks to acquires I&P Group for RM3.65 billion

share on

S P Setia has signed a conditional sale and purchase agreement to acquire Malaysian property developer I&P Group for RM3.65 billion. Upon completion of the proposed acquisition, I&P will be fully-owned by S P Setia.It entered into a non-binding memorandum of intent with Permodalan Nasional (PNB) and AmanahRaya Trustees (ART-ASB) on 14 April 2017 to begin negotiations on the proposed acquisition. According to a statement on S P Setia's website, the acquisition will enable it to expand its prime landbank in Klang Valley and Johor Bahru from 5,141 acres to 9,417 acres.A+M has reached out to S P Setia for more details on the acquisition.S P Setia has appointed three independent valuers - Messrs Jones Lang Wootton, Messrs CH Williams Talhar & Wong and Messrs Khong & Jaafar- to manage the valuation of all the properties, existing projects and land owned by I&P. I&P is a fully-owned subsidiary of PNB and was formed in 2009 after the mergers of three property giants. Its main activities are investment holding and provision of management services.The principal activities of I&P are investment holding and provision of management services. Its subsidiary companies are principally involved in property development, sale of land and completed properties, sublease of land, property management services, investment holding and management and operation of golf course and golf club.PNB is an investment holding company with a wide portfolio range including asset management, unit trusts and property management. It owns Malaysia's largest unit trust management companies including Amanah Saham Nasional and Amanah Mutual. It currently manages more than RM260 billion worth of assets.Last month, S P Setia appointed Mindshare Malaysia to handle its media and digital strategy for a year.

share on

Follow us on our Telegram channel for the latest updates in the marketing and advertising scene.
Follow

Free newsletter

Get the daily lowdown on Asia's top marketing stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's marketing development – for free.

subscribe now open in new window