Wednesday, April 10, 2013

LBS ... Apr13

There was institutional buying of LBS shares on 03-05 April 2013.  To recap, in Jan 2013 its MD Datuk Lim is in the final stage of negotiations for a cash equity deal that wil lturn the group into a substantial shareholder of HK listed Jiuzhu Development Co Ltd (JDCL), a state owned company that runs ferry services and a hotel chain in China.

In entered into a MOU with Jiuzhu Technology in April 2012 ... both sides have agreed to extend the negotiations until April 2013. Under the MOU negotiate exclusively with each other and finalise the scope and terms of a S&P agreement for LBS's wholly unit Dragon Hill Corp Ltd.

Should this deal materialise, LBS may reap up to rm652 million based on an indicative price of about HK$1.65 billion.

The MOU was an expression of Jiuzhou Technology's intention to acquire up to 100% but not less than 60% equity interest in Dragon Hill, which owns 60% of a 36 hole golf course and 197 acrees of developable land.

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