'PDC has agreed to sell, and Kamunting has agreed to purchase the sale shares on the terms and conditions contained in the SSA,' it said.
, has entered into a share sale agreement with Penang Development Corporation to acquire the remaining 40 per cent of the issued share capital in E&O-PDC, comprising 14,000 ordinary shares, for RM46.95 million.
"Upon completion of the acquisition, E&O-PDC will become a wholly-owned indirect subsidiary of E&O,” it said. "The acquisition of 40 per cent shareholding in E&O-PDC from PDC will enable E&O to own 100 per cent shareholding in TPD where the main development activities for E&O Group will be concentrated on over the next 30 years.
The first project, The Meg, has been available for sale since January 2022 and has achieved a 100 per cent sales rate as of January 2023 and is located in the prime Tanjung Tokong area near Gurney Drive and comprises two residential apartment blocks with approximately 1,020 units.
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