KAPB offers RM2 bil new shares to purchase 51% of The Exchange 106

by TMR

Koperasi Amanah Pelaburan Berhad (KAPB) offers RM2 bilion new equity shares for the Malaysian public to subscribe giving them the opportunity to earn 8% return per annum. 

The cooperatives in a statement today said the new funds would be used to partly finance the purchase of 51% of The Exchange 106 and partly for the construction and the development of a medical university and a new hospital on a 141 acre land in Serdang, Selangor.

The cooperatives has offered RM2 billion new shares to be subscribed by its existing members as well as new members of the Malaysian public. 

“All members of KAPB would enjoy an 8% return yearly after a risk adjusted return on evidence based investments and impact evaluation on its high return investment portfolio,” said Executive Chairman of KAPB Datuk Ilyas Mohamed.

Previously The Malaysian Reserve reported his party currently has a 51% stake in the building located at the Tun Razak Exchange.

“A part of this 51% stake we get from the Ministry of Finance, while the rest from Mulia Property Development Sdn Bhd. I can’t reveal the value of the purchase but the amount is very good,” he said.

Ilyas said APHB signed a sale and purchase agreement for the building over a year ago which is expected to be completed this June after being delayed following the Covid-19 outbreak.

KAPB is a unit of AP Holding Bhd (APHB) also recently entered into a joint venture investment with Chase Perdana Sdn Bhd and Academic Medical Centre in mixed development projects involving a 25-acre mixed development in Kota Kinabalu and Serdang.