KUALA LUMPUR, Gagasan Nadi Cergas Bhd has obtained government approval to proceed with a partial acquisition of Konsortium PAE Sepakat Sdn Bhd (KPSSB), which manages hostel facilities across seven polytechnic campuses, instead of a full takeover as originally planned.
The Public Private Partnership Unit (Ukas) of the Prime Minister’s Department has allowed the group to acquire 45% of Seri Delima Anggun Sdn Bhd (SDASB) and 100% of Serata Ehsan Sdn Bhd (SESB), according to the company’s filing on Thursday.
SESB owns a 44.4% stake in KPSSB, while SDASB controls the remaining 55.6%. With the approved deal, Gagasan Nadi will hold an effective 69.75% stake in KPSSB. The balance 30.25% will remain under a Bumiputera shareholder due to the partial stake approval.
“The board will review the implications of Ukas’ decision and decide on the next course of action regarding the proposed acquisitions. Further updates will be announced in due course,” the company said.
Originally, Gagasan Nadi had proposed acquiring SESB for RM80 million from Chong Ngu Chong and Lim Eng Keong, and SDASB for RM105 million from Zulkifli Abdul.
KPSSB, through special purpose vehicles, secured 23-year concession agreements in 2013 to develop and manage student hostels at campuses in Banting, Ipoh, Port Dickson, Johor Bahru, Seberang Prai, Jeli and Kota Bahru. The deal is expected to strengthen Gagasan Nadi’s concession and facilities management portfolio, which already covers student accommodation at International Islamic University Malaysia in Kuantan and Universiti Teknikal Malaysia Melaka. Shares of Gagasan Nadi closed half a sen lower at 40 sen on Thursday, giving the company a market value of RM297.44 million.
