Published: 2009/03/17
Permodalan Nasional Bhd (PNB), a state-run fund manager, is creating a large property group with yearly revenue of RM1.3 billion by combining three property companies under one roof, sources said.
The merger of Island & Peninsular Bhd, Pelangi Bhd Petaling Garden Bhd will help PNB to squeeze more profits from a leaner organisation.It expects to complete the deal next month."It is slightly delayed from March.
The idea, as always, is to create more value," said a source familiar with the deal. He declined to be identified because the information is confidential.This would probably be the second such mega merger under the PNB group of companies.
In 2007, it completed the merger between Sime Darby Bhd, Golden Hope Plantations Bhd and Kumpulan Guthrie Bhd to create the world's largest listed plantation group.