LTC Corporation unit to buy 50% of USP Equity for RM70m

LTC Corporation said its wholly owned unit, LTC Capital Holdings Sdn Bhd, entered into a share purchase agreement on Friday with USP Resources Sdn Bhd to acquire a 50 per cent stake in USP Equity Sdn Bhd for RM70.14 million (S$25.18 million).

This followed the heads of terms inked between the two parties earlier in February.

The target company is a vehicle set up by USP Resources to acquire its entire shareholding in departmental stores operator SKLDS as part of a proposed corporate restructuring exercise.