OSK Holdings shareholders approve acquisitions

KUALA LUMPUR, July 6 –  OSK Holdings Bhd has obtained approval from its shareholders to acquire OSK Property Holdings Bhd and PJ Development Holdings Bhd for RM346.4 million and RM223.6 million, respectively.

Chief Executive Officer Tan Sri Ong Leong Huat said the move will see OSK Holdings emerge as a first-tier property group in Malaysia with a gross development value (GDV) of RM13.3 billion.

He said the combined landbank of the two entities is 524.88 hectares (1,297 acres) of undeveloped land in Malaysia and 2.02 hectares in Australia.

“It will help us to have stronger growth and enhance sustainability going forward,” he told reporters after the company’s extraordinary general meeting here Monday.

He said the financial services and property segments will be the main revenue and profit contributor for OSK Holdings, which plans to unveil between three to four property projects in Malaysia with a total GDV of over RM1 billion.

On outlook, he said the weakening ringgit will not have much impact on the property sector as prices remain stable.