KUALA LUMPUR: Mangium Industries Bhd, a timber products maker, plans to acquire a company which jointly developed the RM1 billion 1Borneo mixed development in Kota Kinabalu, Sabah from Sabah-based Ramajuta Properties Sdn Bhd for RM240 million. Mangium and Ramajuta had on Tuesday signed a memorandum of understanding to start talks for a definitive agreement, Mangium told Bursa Malaysia yesterday. Meanwhile, Ramajuta executive chairman and managing director Raymond Chan said the company’s planned entry into Mangium is an opportunity to expand the latter’s business via the injection of real estate activities.
(31-1-2008 The Edge)
