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MWE buys property firm for RM9.27m |
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Business & Market 2009
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Written by The Edge Financial Daily
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Friday, 04 December 2009 01:08 |
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KUALA LUMPUR: MWE Holdings Bhd (MWE) announced that its unit Melati Mewah Sdn Bhd has acquired 450,000 shares of RM1 each in Versatile Development Sdn Bhd for RM9.27 million cash.
According to a Bursa Malaysia filing yesterday, the company said Versatile Development, which is principally involved in property development, would become a wholly-owned subsidiary of Melati Mewah upon the completion of the acquisition.
Melati Mewah is a wholly-owned subsidiary of MWE Properties Sdn Bhd, which, in turn, is wholly-owned by MWE.
Expected to be completed by the first quarter of 2010, MWE said the acquisition would contribute positively to the future earnings of the group and would not have any material effect on the net assets and gearing of the company for the financial year ending Dec 31, 2009.
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