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Low family offers RM305.2m for AP Land

Low Chuan Holdings is offering 45 sen a share for all of AP Land's assets and liabilities in what is likely to be a prelude to the company being taken private

The Low family has offered RM305.2 million to take over the business of Asia Pacific Land Bhd (AP Land), a 50-year old property developer, in what is likely to be a prelude to the company being taken private.

AP Land is famous for building some of Kuala Lumpur's main landmarks like the Empire Tower and City Square shopping centre, which sits at the junction of Jalan Tun Razak and Jalan Ampang.

The group's major shareholder is Low Chuan Holdings Sdn Bhd (LCH) with a 37 per cent stake. LCH is owned by Low Gee Tat@Gene Low, Low Gee Teong, Low Gee Soon, Sem Siong Industries Sdn Bhd, Selangor Holdings Sdn Bhd and Low Chuan Securities Sdn Bhd.

LCH is offering 45 sen a share for all of AP Land's assets and liabilities. The stock closed at 41 sen on Monday as trading was suspended yesterday.

Analysts told Business Times that this is an opportunity for LCH to take AP Land private as its market value is way below its net tangible asset of RM700 million.

"Looking at that situation and with not much assets in AP Land's coffers, it is better to privatise the company. AP Land has not garnered much interest from investors," said one analyst.

AP Land, formerly known as Mount Pleasure Holdings Bhd, was founded in 1961 and is involved in property development and investment.

It operates a golf course and college and has an oil palm plantation in East Kalimantan, Indonesia.

Its current projects are myHabitat residences in Kuala Lumpur, Bandar Tasik Puteri township in Rawang, Selangor, and Penang Island Bay Resort.

AP Land has launched a commercial development in Changshu City in China and a residential project in Hokkaido, Japan.

By Business Times

 

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