This is at a 40% discount from the previous attempt to sell Corwin to Evolutyon Real Estate Investment Holding Pte Ltd for S$317 million (RM964.6 million) late last year. Corwin, which is involved in property investment, owns The Verge leasehold commercial development comprising an eight-level shopping mall building and another eight-storey building known as 'The Chill'. "The proposed disposal will allow DRB-Hicom to unlock the value of its investment in Corwin based on the current market value of The Verge," it said, adding that Corwin would cease to be an indirect 90%-owned subsidiary of the group. Hicom Megah's total investment in Corwin from 1997 until 2016 amounted to approximately RM224.9 million. Columba is a wholly-owned subsidiary of Dorado Holdings Pte Ltd, which in turn is a 50:50 joint venture company between Tucana Investments Pte Ltd and LAO V Serangoon Pte Ltd.Tucana is a wholly-owned subsidiary company of Lum Chang Holdings Ltd listed in Singapore.

Source: The Edge Markets September 22, 2016 16:07 UTC