KUALA LUMPUR: Malayan United Industries (MUI) said yesterday it had agreed to buy 91.06% of retailer Metrojaya Bhd for RM273mil or RM2.40 per share.
MUI, which already controls British retailer Laura Ashley, said it would take over Metrojaya from Pan Malaysian Industries Bhd, which in turn owns 46.6% of MUI.
The all-cash transaction would be financed through bank borrowings and internal funds, MUI said in a statement.
MUI said the deal would allow a “synergistic fit with Laura Ashley.” MUI owns 34.3% of Laura Ashley, the retailer famed for its floral fabrics.
MUI said it would further strengthen its retailing arm as one of its core businesses.
Metrojaya, with turnover of RM347mil for the year ended March 31, is one of Malaysia’s leading department stores.
It now runs six department stores, one hypermarket and 70 specialty stores nationwide, and plans to expand the network.
Metrojaya made a pre-tax profit before exceptional items of RM24.8mil for the year ended March 31, 2006. It gave no comparative figure for the previous year. – Reuters
News Source : STAR
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