KrisAssets to Purchase Mid Valley City Gardens Shares

KrisAssets Holdings Bhd., the Malaysian office and shopping mall operator, agreed to buy the entire issued and paid-up ordinary share capital in Mid Valley City Gardens Sdn. from IGB Corp.

KrisAssets will acquire 100,000 ordinary shares of 1 ringgit (33 cents) each in Mid Valley City Gardens, owner and operator of The Gardens Mall in Kuala Lumpur, according to a filing to Bursa Malaysia today. The sale requires the approval of KrisAssets and IGB’s shareholders, the filing shows.

Trading in the shares of KrisAssets and IGB will resume on Feb. 16. KrisAssets rose 0.5 percent to 3.90 ringgit on Feb. 11, while IGB fell 1.3 percent to 2.32 ringgit.

Mid Valley City Gardens has an authorized share capital of 50 million ringgit comprising 5 million ordinary shares of 1 ringgit each and 900 million redeemable preference shares of 0.05 ringgit each, according to the filing. Of that, 100,000 shares and 250 million redeemable preference shares have been issued and fully paid-up, the filing shows.

To contact the reporter on this story: Ryan Woo in Singapore at rwoo5@bloomberg.net

To contact the editor responsible for this story: Ryan Woo at rwoo5@bloomberg.net

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