18 January 2011

Latest news on SP Setia (Jan 18)

Lately, SP Setia is in full limelight in local bourse due to some of the announcements made. And, yesterday, SP Setia was awarded a contract and proposed some of the corporate exercises subsequently. Below is some of the useful summary for investors keeping abreast with the latest developments:

The Bangsar land deal
  • SP Setia was acquiring a 40-acre land along Jalan Bangsar via a land swap deal
  • Government to acquire land in Setia Alam from SP Setia
  • Develop a fully integrated health and research complex to be known as 1NIH Complex in Setia Alam under the Ministry of Health's purview
  • Redevelop the swapped land into an integrated mixed residential and commercial project and give the Government a 20% profit sharing.
Source: OSK Research

The Proposed Corporate Exercises
  • Proposed private placement of up to 15% of paid-up share capital via book-building for the following purposes:
  • - RM6bn KL EcoCity, which comprises a corporate tower block and retail podium
  • - Setia City project, which comprises a convention centre, corporate HQ and related infrastructure
  • - Fulton Lane project. A residential condominium project in Melbourne, Australia
  • Proposed 1-for-2 bonus issue after the completion of the said private placement
Source: Company, OSK Research, RHB Research

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