S P Setia Berhad has acquired the remaining 50 per cent stake at Setia Federal Hill while Aerodyne Group has bought a 60 per cent stake in AtSite.
S P Setia buys out JV partner in Federal Hill
Malaysia’s leading property developer SP Setia Berhad has acquired the remaining 50 per cent stake in Setia Federal Hill from Mekar Gemilang Sdn Bhd for RM431.89 million ($110.4 million).
Setia Federal Hill held by S P Setia and Mekar Gemilang is a joint venture company to carry out land development projects. Its core asset is the two parcels of leasehold land near Bangsar, Kuala Lumpur, totaling about 51.57 acres (20.87ha).
After completion of the proposed acquisition, Setia Federal Hill will become a wholly-owned subsidiary of S P Setia. “The proposed acquisition is expected to support and strengthen the strategic development objectives and value enhancement of the group,” it said.
Mekar Gemilang is owned by Kota Cahayamas Sdn Bhd, which is said to be related to tycoon Tan Sri Syed Mokhtar al-Bukhary.
SP Setia Berhad is an investment holding company. Through its subsidiaries, the company operates as building contractors and develops, invests, and leases properties. SP Setia also manufactures precast concrete, and prefabricates, installs, and sells wood products.
Aerodyne Group buys 60 per cent stake in AtSite
Aerodyne Group, Malaysia’s leading drone specialist has bought a 60 per cent stake in AtSite, a wind turbine blade inspection company, for RM10.6 million ($2.7 million).
In a statement, Aerodyne said, the acquisition of the Denmark-based company is expected to bring it an additional RM96.4 million ($24.6 million) in revenue over the next three years.
The drone specialist recently raised a double-digit million sum funding from Axiata Digital Innovation Fund, Malaysia’s largest digital venture capital fund and Johor Corp.
“This acquisition is our ticket to the European and global wind turbine inspection market. Through our stake in AtSite, Aerodyne can tap into the growing wind energy market as more countries explore renewable energy,” said Aerodyne CEO and founder Kamarul A Muhamed.
According to Aerodyne CEO and founder Kamarul A Muhamed, through its stake in AtSite, Aerodyne can tap into the growing wind energy market as more countries explore renewable energy.