Dubai: The Al Batha Group conglomerate on Sunday said it has purchased a 40 per cent stake in the Malaysian real estate developer, Bukit Kiara Capital, worth approximately Dh44 million.
At a signing ceremony in Dubai on Sunday, the companies said they have established a new joint company called Al Batha Bukit Holdings or ABBK, which will develop property in Malaysia and the UAE.
Eight Bukit Kiara companies will become part of ABBK, including Bukit's flagship, Bukit Kiara Properties, which develops property in the Malaysian capital, Kuala Lumpur. Other companies now under ABBK ownership include Bukit Kiara Interiors and Bukit Kiara Builders.
During the signing ceremony in Dubai, Bukit Kiara Group managing director, N.K. Tong, said his firm and Al Batha were introduced to each other over three years ago when the latter expressed interest in co-developing a tower in Kuala Lumpur.
Tong said that co-investing project-by-project "wouldn't augur well for the long term" so the companies decided to set up a business together. Shaikh Salem Bin Mohammad Bin Sultan Al Qasimi, vice-chairman of Al Batha Group, said, "Both companies share synergy in business."