Latest news with #AspenVision
New Straits Times
26-05-2025
- Business
- New Straits Times
Kerjaya Prospek buys Aspen Vision Land's stake for RM98mil
KUALA LUMPUR: Kerjaya Prospek Group Bhd will subscribe 4.41 million new shares and 935,900 new redeemable preference shares (RPS) in Aspen Vision Land Sdn Bhd for RM98.0 million. The investment will be funded via internally generated funds and/or bank borrowings, Kerjaya Prospek said today. On top of the new 4.41 million new shares, Aspen Vision will also allot and issue 271,000 new shares to Aspen Vision Development Sdn Bhd (AVD) AVD currently holds 4.32 million Aspen Vision shares. Upon completion, Aspen Vision's issued share base will increase from 4.32 million to 9.0 million, with Kerjaya Prospek and AVD holding 49.0 per cent and 51.0 per cent stakes respectively. Aspen Vision's RPS base will increase from 1.16 million to 1.91 million shares. A total of RM76.0 million from Kerjaya Prospek's subscription will then be injected into Aspen Vision's 80 per cent-owned Aspen Vision City Sdn Bhd as, among others, new capital to support ongoing developments. Aspen Vision City is the master developer of a flagship mixed development in Bandar Cassia, Batu Kawan in Penang. Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said the investment provides it with the opportunity to participate not only in the construction works but also in the long-term profit contributions from Aspen Vision City. "We remain confident in the potential of Batu Kawan as a high-growth township in Penang mainland, which is rapidly transforming into a dynamic industrial and urban hub," he added. The transaction is expected to be completed by August.
New Straits Times
26-05-2025
- Business
- New Straits Times
Kerjaya Prospek buys Aspen Group stake for RM98mil
KUALA LUMPUR: Kerjaya Prospek Group Bhd will subscribe 4.41 million new shares and 935,900 new redeemable preference shares (RPS) in Aspen Vision Land Sdn Bhd for RM98.0 million. The investment will be funded via internally generated funds and/or bank borrowings, Kerjaya Prospek said today. On top of the new 4.41 million new shares, Aspen Vision will also allot and issue 271,000 new shares to Aspen Vision Development Sdn Bhd (AVD) AVD currently holds 4.32 million Aspen Vision shares. Upon completion, Aspen Vision's issued share base will increase from 4.32 million to 9.0 million, with Kerjaya Prospek and AVD holding 49.0 per cent and 51.0 per cent stakes respectively. Aspen Vision's RPS base will increase from 1.16 million to 1.91 million shares. A total of RM76.0 million from Kerjaya Prospek's subscription will then be injected into Aspen Vision's 80 per cent-owned Aspen Vision City Sdn Bhd as, among others, new capital to support ongoing developments. Aspen Vision City is the master developer of a flagship mixed development in Bandar Cassia, Batu Kawan in Penang. Kerjaya Prospek chief executive officer and executive director Tee Eng Tiong said the investment provides it with the opportunity to participate not only in the construction works but also in the long-term profit contributions from Aspen Vision City. "We remain confident in the potential of Batu Kawan as a high-growth township in Penang mainland, which is rapidly transforming into a dynamic industrial and urban hub," he added. The transaction is expected to be completed by August.
Free Malaysia Today
22-05-2025
- Business
- Free Malaysia Today
RM818mil bid for Batu Kawan land too costly with added conditions, says Chow
Chief minister Chow Kon Yeow said among the reasons the IJM-led consortium's proposal was nixed was the extra expenditure by PDC to fulfil the requests made. (Facebook pic) GEORGE TOWN : A consortium's RM818 million bid for state land in Batu Kawan dropped in value to just over RM500 million when several conditions requested were considered, Penang chief minister Chow Kon Yeow told the state assembly today. He was explaining why state agency Penang Development Corporation (PDC), which owns the Batu Kawan Industrial Park 2 land, had rejected a proposal by a consortium formed by IJP Properties and Aspen Vision. PDC previously claimed the consortium's proposal was rejected due to multiple reasons, but Chow today said that while the consortium had offered the highest price, it would have placed a financial burden on the state. 'They made an offer with a higher price, but if you were to minus the extra (conditions requested), it comes down to about RM500 million. About the same as the Umech offer,' he said, referring to Umech Construction Sdn Bhd. The below-market price land deal with Umech was dropped as it had bypassed an open tender process. The IJM-led consortium offered RM818 million for the land last December, but claimed its proposal was rejected without any opportunity for further negotiations. Chow said among the reasons the IJM-led consortium's proposal was nixed was the extra expenditure by PDC to fulfil the conditions requested, including RM150 million in infrastructure costs to ensure connectivity for the proposed project on the land. The consortium also suggested converting the land from leasehold to freehold, which would require state approval and involve a premium of RM144 million. Another request was to use nearby PDC land in Batu Kawan as a quarry, which Chow said carried an opportunity cost of RM25 million. The consortium also sought a first right of refusal for 500 acres of adjacent land, potentially limiting PDC's ability to develop it freely. Finally, it wanted the freedom to change company shareholding and transfer land without PDC's consent, Chow said. Lim Guan Eng (PH-Air Putih) argued that PDC should have kept the door open for negotiations, claiming that the consortium was robbed of a chance to clarify or revise its offer. 'This is a request for proposal (RFP) by open tender, not a closed tender. After the best offer is picked for the RFP by open tender, there will be discussions and negotiations, all part of the process,' Lim said. He cited the consortium's Dec 2, 2024 statement, which said that it had 'earnestly requested the opportunity to present and explain its submission, but this was not granted'. Lim also said the consortium had made it clear that the request for freehold status and other enhancements were optional and should not have been treated as conditions. PDC board has final say Chow, who is PDC chairman, replied that any major decisions must be approved by the corporation's board, and that all proposals must comply with good governance standards. 'If the terms go against that, we cannot accept it,' he said. However, he did not explain why PDC had refused further negotiations with the consortium. PDC is currently reviewing bids under a fresh tender exercise for the same plots of land. Chow said if no acceptable bids emerge, the agency may consider developing the land itself.
