Deepak offers to buy back Astacanggih from Boustead unit

(The Malaysian Insider) – Carpet dealer Deepak Jaikishan has offered to buy back Astacanggih Sdn Bhd shares sold to a unit of Boustead Holding Bhd last year, a deal that is linked to land swapped for the scandal-hit Puspahanas project.

The controversial businessman declined to give reasons for the earlier sale but said he wants back shares in his company.

“I want to buy back the shares from Boustead,” Deepak (picture) told reporters here today.

In a filing with Bursa Malaysia last December 27, Boustead said its wholly-owned unit Bakti Wira Development Sdn Bhd was acquiring an 80 per cent stake in Astacanggih for RM30 million.

Boustead said the shares were purchased from Prestige Dimension Sdn Bhd and other minority shareholders of Astacanggih on December 20.

Bakti Wira Development and Astacanggih also signed an agreement with Awan Megah (M) Sdn Bhd on December 27 to acquire 80.94ha of freehold land in Klang, Selangor, for RM130 million.

Awan Megah is the developer of the National Defence Education Centre project or Puspahanas in Putrajaya that is behind schedule. The project was awarded to Senator Raja Datuk Ropiaah Abdullah’s Awan Megah in 2005 and was due to be completed in 2011.

Despite the controversy over RM100 million Puspahanas project and the land swapped for the project, Boustead said the acquisition will present an opportunity for the group to expand its land bank.

“Moreover, the land was adjacent to 283.28ha of development land held under Jendela Hikmat Sdn Bhd, a company which the group and Lembaga Tabung Angkatan Tentera jointly holds 60 per cent equity interest,” it said.

Boustead said it was optimistic of the land’s prospect considering its strategic location.

“The demand for industrial land in this location has been on the uptrend with the completion of UMW’s latest storage and testing plant in Bukit Raja, Klang,” it said.