KUALA LUMPUR (Sept 14): LBS Bina Group Bhd announced plans to streamline its construction business under its 51.18% subsidiary ML Global Bhd (MGB) via the disposal of its indirect 75% equity interest in MITC Engineering Sdn Bhd (MITCE) to MGB for a consideration of RM225 million. On the rationale for the proposed disposal, LBS Bina said it is part of the group’s plan to streamline its construction businesses under MGB and its subsidiaries (MGB Group), and MITCE for greater operational and financial efficiency. “The combined construction businesses of LBS Bina under MGB Group, with their combined resources, will have better access to larger scale of business opportunities and provide MGB Group with the ability and platform to tender for larger scale external construction works, which in turn is anticipated to improve its order book and earnings,” it said. LBS Bina said it expects the proposals to be completed within the fourth quarter of 2016. The trading in property developer LBS Bina and MGB shares have been suspended since last Friday (Sept 9), and will resume trading tomorrow.

Source: The Edge Markets September 14, 2016 07:41 UTC