DRB-HICOM acquires remaining 30% stake in SEMSB for RM20mil
In a filing with Bursa Malaysia, DRB-Hicom said the acquisition was done via its wholly-owned subsidiary, HICOM Holdings Bhd (HHB), making SEMSB a wholly-owned subsidiary of HHB.
DRB-HICOM said SEMSB owns two properties located in strategic areas, namely Glenmarie, Shah Alam and Jalan Chan Sow Lin, Kuala Lumpur.
'These properties currently generate stable rental income and offer long-term redevelopment prospects/potential.
'The acquisition would allow DRB-HICOM Group to secure full ownership of SEMSB and allow the group to optimise and unlock value from these strategic properties.'
According to DRB-HICOM, SEMSB was principally engaged in the importation, distribution, and servicing of industrial, marine, and engineering products, as well as investment holding.
'SEMSB ceased its core operations since March 31, 2015 and is currently involved in the rental of properties located in Glenmarie Shah Alam.'
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