Al Batha Buys 40pc Stake of Malaysian Realty Firm

The acquisition, part of a strategic initiative to expand the group’s footprints across international markets, will lead to a new Malaysian company under the name of Al Batha Bukit Kiara Holdings Sdn Bhd, Al Batha’s Group managing director Rainer Joechen, said.

Announcing the new entity in Dubai, officials of both the companies said the new business entity would undertake property developments in Malaysia where three major projects involving an investment of Dh1 billion are under way.

Shaikh Salem bin Mohammed bin Sultan Al Qassimi, Vice-Chairman of Al Batha Group, said both Al Batha and Bukit Kiara share synergy in business interests. “The acquisition will lead to leveraging each other’s strength across various realty initiatives. It is also a coming together of values the two Groups share in common.”

Joechen said the joint venture was an important step for the group’s global market foray. “To invest in Malaysia is in line with the strategic objective of our group to expand beyond the UAE.”

Al Batha Group consists of more than 20 companies with diverse business interests spanning automobiles, pharmaceuticals, contracting, manufacturing, electronics, FMCG, real estate and education. The group employs over 4,500 people across its businesses.

The Bukit Kiara Group Managing Director, NK Tong said the new entity would have eight companies that are related to property development.

These companies include the group’s flagship company Bukit Kiara Properties Sdn Bhd. Other companies are Bukit Kiara Interiors, Bukit Kiara Builders, Bayland, Bukit Kiara Properties Services, Tunas Landscape, Enchanting Lifestyle and Pristine Springs.

issacjohn@khaleejtimes.com