Gagasan Nadi Gets UKAS Nod For Partial Stake In SDASB, Full Takeover Of SESB

KUALA LUMPUR, Sept 25 (Bernama) -- Gagasan Nadi Cergas Bhd (GNCB) has received approval from the Public Private Partnership Unit (UKAS) of the Prime Minister’s Department for its proposed acquisitions of equity interests in Seri Delima Anggun Sdn Bhd (SDASB) and Serata Ehsan Sdn Bhd (SESB).

In a filing with Bursa Malaysia today, GNCB said UKAS had approved the acquisition of a 45 per cent stake in SDASB, instead of the originally proposed 100 per cent, and a full 100 per cent stake in SESB.

“The remaining 55 per cent equity interest in SDASB represents a 30.25 per cent Bumiputera shareholding in KPSSB,” the company said.

GNCB added that its board would deliberate on the implications of the UKAS decision and determine the next course of action, with a further announcement to be made in due course.

GNCB had in November last year proposed the strategic acquisition of a student hostel asset management concession valued at RM185 million to gain full control of Konsortium PAE Sepakat Sdn Bhd (KPSSB), which manages hostels at seven polytechnic campuses in Malaysia, by acquiring its two shareholders, SESB and SDASB.

GNCB Group managing director Datuk Wan Azman Wan Kamal had said that the exercise is aimed at strengthening the group’s concession and facility management operations, which remain its key strength, delivering a steady and stable stream of recurring income.

-- BERNAMA