Minda Global Bhd, an education services provider, intends to spend RM180 million on a property in Cyberjaya.
UOC Sdn Bhd (UOCSB), the company's wholly-owned subsidiary, has proposed acquiring a freehold land measuring 174,461 square feet (sq ft) and the buildings built on it from Persada Mewah Sdn Bhd.
Minda Global's principal adviser, Mercury Securities Sdn Bhd, stated in a stock exchange filing on behalf of the company that the three parties had entered into a conditional sale and purchase agreement (SPA) for the proposed acquisition today.
According to the filing, the proposed corporate exercise would be satisfied in two ways: RM155 million in cash and RM25 million through the issuance of 357.14 million new Minda Global shares for seven sen each.
Minda Global said that UOCSB currently manages and operates its flagship university, the University of Cyberjaya (UOC), from the subject buildings.
It added that the proposed acquisition would give the company complete control of the property.
"This provides the company with greater certainty and flexibility in carrying out its plans in relation to the operation of UOC on the subject buildings," it said.
The proposals are expected to be completed in the second half of 2022, assuming all necessary approvals are obtained.