Centurion to acquire Duke Dormitory

Share sale agreements have been entered into.

Centurion Corporation Limited, through its wholly-owned subsidiary Centurion Dormitories Sdn Bhd, has entered into share sale agreements with Chan Kim Fook and Yang Tse Pin to acquire the entire 100% stake in the share capital of Duke Dormitory Sdn Bhd.

Under the agreements, the total cash consideration for Duke Dormitory is RM100,010, and CDSB will provide an advance of approximately RM2.66 million to repay advances made by the sellers to Duke Dormitory.

Duke Dormitory is the registered owner of two adjacent plots of land with a total area of approximately 4,775 square metres. It is situated within a residential enclave at Pasir Gudang in Johor Bahru. The land is housed by a dormitory, which is undergoing refurbishments. It is expected to commence operations by the end of this year and will have an approximate capacity of 1,000 beds.

The addition of Duke Dormitory increases the Group’s Malaysia dormitory portfolio by approximately 6.1% from 16,300 beds to about 17,300 beds.