So if it is not a merger between the two, then it must be related to these companies. True enough, both companies announced that Nadayu will sell its remaining shares of 40% in Palmington & 30% in TID to Tambun Indah (TILB). The purchase price is RM112 million and will be settled with RM40.7 million of cash & 55 million new Tambun Indah shares at RM1.30 each.
According to news, Nadayu's major shareholders plan to privatise Nadayu with RM1.39 per share. With the cash from the disposal of its associates, Nadayu can concentrate on other property development projects, while still able to benefit from the development of Pearl City by holding 15% of Tambun Indah's shares.