SP Setia seeks expansion through I&P buy

Kuala Lumpur

SP Setia has proposed to acquire developer I&P Group Sdn Bhd from Permodalan Nasional Bhd (PNB) for up to RM3.75 billion (S$1.2 billion) in a move that would expand its total landbank to some 10,000 acres (4,047 hectares) across the Klang Valley and Johor Bahru.

A non-binding memorandum of intent to commence negotiations on the proposed acquisition of the entire equity interest in I&P which has 4,263 acres of landbanks was inked with PNB and its unit Amanahraya Trustees Bhd on Friday.