19 June 2014

Tadmax inks property development, energy pacts

  19 June 2014

By THE STAR
PETALING JAYA: Tadmax Resources Bhd, which had recently sold land in Klang to 1Malaysia Development Bhd for RM317.3mil, has inked two related-party transactions for ventures into property development and energy.
The first involves a share sale agreement with Maxcorp Development Sdn Bhd to acquire 100% of Ganggarak Development Sdn Bhd for RM2, stock exchange filings showed.
Maxcorp had entered into a sale and purchase agreement last April with Perbadanan Labuan to purchase 16.8ha of leasehold land in Labuan for RM7mil to build affordable homes.
Should Tadmax succeed in obtaining the land, it will have to pay RM7.33mil to Maxcorp and/or Perbadanan Labuan.
The second agreement will see Tadmax buying out 100% of Tadmax Energy Sdn Bhd for RM836,500 in cash from three individuals, one of whom is the executive director of Tadmax and the son of the firm’s substantial shareholder.
The acquisition of Tadmax Energy will help “identify and pursue suitable business opportunities in the energy sector to enhance the group’s earnings base”, Tadmax said.

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