Kerjaya Prospek buys 90% stake in YLSB

by TMR

Kerjaya Prospek Group Bhd’s wholly-owned subsidiary, Bazarbayu Sdn Bhd, has agreed to buy a 90% stake in Yakin Land Sdn Bhd (YLSB) for RM1.35 million from vendors Foo Kooi Phin, Low Siew Teng, Winston Ng Peng Cheang, Li Na and Budi Jaya Resources Sdn Bhd.

In an exchange filing yesterday, the company noted Bazarbayu has also agreed to pay and discharge for and on behalf of YLSB an aggregate RM9.45 million monies due and owing by YLSB to the registered and beneficial owners of the sale shares. Property developer, YLSB, has entered into a joint venture agreement together with the supplementary agreement with the landowners of a parcel of 1.84ha freehold land in Kuala Lumpur.

The developer has obtained the development rights from the landowner over the said land to develop it into a housing development and/or such other developments, as it deemed fit and feasible by YLSB. The group plans to develop two 36-storey block of condominiums, comprising 454 units. It added the proposed development project is slated for completion by end of September 2022.