PETALING JAYA: UCI Resources Bhd will buy a 5% stake in property developer Opus Development Sdn Bhd (ODSB) for RM1mil cash from Liew Thiam Leong.

       The deal is deemed as a related party transaction as Liew is the managing director and major shareholder of UCI, with a 51.5% in the group.

       Liew owns 13% in ODSB, which has its registered office at Suite 1712, 17th Floor, Plaza Permata, Jalan Kampar, Kuala Lumpur.

       In a filing with Bursa Malaysia, UCI said it had inked the share sale agreement on Jan 10, 2022 and the group will benefit from the potential sale of its building materials to ODSB’s property development project.

       The deal took into consideration ODSB’s net assets of RM5.4mil as of Dec 31, 2020 and the estimated remaining profits to be recognised by ODSB of RM33mil in relation to its on-going property development project with a gross development value of RM212mil.

       The deal is expected to be completed in the first quarter of this year.