Koon

Koon: enters into a definitive sales and purchase agreement to acquire wholly the shares of 3 Msian companies, which collectively own properties in Johor comprising two vacant lands, one retail unit in Kota Point Shopping Complex and 10 pieces of vacant land. The consideration is $17m, to be financed through the proceeds of a rights issue (3-for-5 at issue price of $0.19). This follows an earlier announced proposal. Recall the co intends to develop the Msian properties for sale as commercial units. The purchase is subject to sh/h approval at an EGM as the sellers are company directors. Koon is a civil engineering and construction co. Stock trades at 18.5x P/E.