PETALING JAYA: The Store Corporation Bhd will seek shareholders’ approval at an EGM this Wednesday for its proposed acquisition of Jurus Kota Sdn Bhd, which owns the Alor Star Mall in Kedah, from YS Tang Holdings Sdn Bhd for RM130 million cash. The company had, on Jan 31, received the Foreign Investment Committee’s approval for the proposed acquisition. Under the agreement, The Store will also assume the liabilities of RM43.91 million which Jurus Kota owed YS Tang as at Dec 31, 2006. The two-storey commercial complex, with a mezzanine floor and basement car park, has net lettable area of about 296,532sq ft with 386 car park bays. The mall started operations in 2004 and The Store’s subsidiary, Pacific Hypermarket and Departmental Store Sdn Bhd, is a major tenant.
(11-2-2008 The Edge)
