In a filing with Bursa Malaysia today, UEM Edgenta said the acquisition of a majority stake in Kaizen Owner Association Management Services LLC (KOA) and Kaizen AMS Property Supervision LLC (KAMS) involves cash transaction amounted to AED43.2 million (RM55.1 million).

It added that the SPA would be completed on the second business day after EII received the amended commercial licences of Kaizen Group, reflecting the transfer of the share sale or at an agreed-upon time by the parties.

UEM Edgenta said the proposed acquisition aligns with its Edgenta of the Future 2025 vision to expand its regional footprint and enhance product and technology propositions in high-growth markets such as Dubai and the wider UAE.

“With UEM Edgenta’s existing presence in the UAE facilities management through its wholly owned subsidiary, Operon Middle East, the proposed acquisition presents an opportunity to integrate and deliver a real estate services platform.

“This involves combining property management and facilities management across the real estate services value chain for the UAE market and potentially expanding to the wider Gulf Cooperation Council (GCC) region,” it added.

UEM Edgenta said the platform would benefit Operon through enlarged access to clients with potential revenue and cost synergies and address the emerging lifestyle needs of residents, tenants and property owners.

It said the proposed acquisition is expected to be completed by the first quarter of 2024.