YTL Land & Development Bhd (KLSE:YTLLAND) entered into agreement to acquire remaining 30% stake in Sentul Raya Sdn Bhd from Ktmb (sentul) Sdn Bhd for approximately MYR 250 million on November 29, 2016. As per the terms of agreement, MYR 190 million will be paid in cash and MYR 61.2 million in residential units in a development of Sentul Raya known as The Fennel located at Sentul, Kuala Lumpur which shall be settled by way of sale and transfer to the Sellers of 53 Fennel Units as identified and set out in the sale and purchase agreement. The cash component will be paid by paying an initial amount of MYR 19 million paid within seven days from the date of the agreement by way of cheque or bank draft made in favor of KTMB Sentu and MYR 171 million payable in full by way of cheque or bank draft made in favor of KTMB Sentul on or before the completion date of the agreement, which shall be the date being seven business days after obtaining the approval of the shareholders of YTL Land. There are no liabilities, including contingent liabilities and guarantees, to be assumed by YTL Land. The purchase consideration will be funded through a combination of bank borrowings and internally generated funds. Sentul Raya Sdn Bhd had revenues of MYR 200.5 million, profit after tax of MYR 36.5 million and net assets of CNY 292.5 million. The transaction is subject to approval by shareholders of YTL Land & Development Bhd, relevant authorities and/or parties and other conditions. The Board of Directors of YTL Land & Development is of the opinion that the acquisition is in the best interest of YTL Land & Development. The Board wishes to announce that Bursa Malaysia Securities Berhad had vide its letter dated December 6, 2016 approved YTL Land & Development’s application for variation in complying with paragraph 10.07(1)(b) of the main market listing requirements of bursa securities by way of shareholders’ ratification. The proposed shareholders ratification for the transaction is now executed to be obtained by May 31, 2017. The transaction is expected to be completed by first quarter of 2017. The transaction is expected to contribute positively to the future earnings of YTL Land & Development Berhad. Maybank Investment Bank Berhad acted as financial advisor for YTL Land & Development Berhad and Raine & Horne International Zaki + Partners Sdn Bhd acted as independent valuer in the transaction. YTL Land & Development Berhad (KLSE:YTLLAND) completed the acquisition of Sentul Raya Sdn Bhd from KTMB (Sentul) Sdn. Bhd. on January 16, 2017.