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SP Setia seeks expansion through I&P buy

Malaysia developer proposes to acquire its peer from Permodalan Nasional for up to RM3.75 billion

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"I&P Group will allow us to tap synergistic opportunities that it could offer given that its landbanks are in the growth areas in the central part of Klang Valley and Johor Bahru, where we have charted successes and are a stronghold of the "Setia" brand." - Khor Chap Jen, SP Setia president and CEO.

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.

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