Business

Thursday May 28, 2009

YTL unit buys stake in Borneo Island


KUALA LUMPUR: YTL Corp Bhd’s wholly-owned subsidiary YTL Hotels & Properties Sdn Bhd has entered into a sale and purchase agreement with Vun Vui Heung and Melinda Voon Ching Mee to acquire 80% of the issued and paid-up capital of Borneo Island Villas Sdn Bhd for RM77.5mil cash.

“Upon completion of the proposed acquisition, Borneo Island will become an 80% owned subsidiary of YTL Hotels & Properties and indirect subsidiary of YTL Corp,” it said in a filing with Bursa Malaysia yesterday.

Borneo Island has not commenced any business activities other than the acquisition of a piece of leasehold agriculture land in Kampung Kiaw, Kota Belud in Sabah.


YTL : [Stock Watch] [News]


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