KUALA LUMPUR (June 12): The founder and chief executive officer of M101 Group of Companies Datuk Seth Yap Ting Hau has become a major investor with 25.5% equity interest in Meda Inc Bhd.In a declaration yesterday, M101 stated that the acquisition was consummated through a series of direct company deals, which resulted in Yap holding a direct 9.43% stake and M101 Ventures Sdn Bhd, which belongs to the M101 Group holding 16.06% in Meda Inc.Meda Inc is primarily included in home development of industrial and property tasks, with some noteworthy projects being the unique Scott Garden townhouses and Scott Towers condos in Johor Bahru, as well as the high-end country town of Westlake View in Sungai Siput, Perak. The company is likewise included in property financial investment, hotel operations, oil palm cultivation and the provision of project management services.Yap said that the acquisition fits well with M101's technique to improve its position as a property designer by promoting the property tourist company."We are of the view that Meda Inc holds the qualities that match our business growth strategies. We eagerly anticipate interacting and exploring future business chances together moving on,"he said.M101 Ventures is a wholly-owned subsidiary of M101 Bukit Bintang Sdn Bhd, which in turn is part of the M101 Group, the designer for the M101 Skywheel developed by Studio F. A. Porsche.The award-winning freehold 78-storey structure will feature the world's greatest shopping experience with a Sky Shopping center that extends from the 50th to 52nd floor with over 200,000 sq feet of retail area, Small-Office-Flexible-Office systems, a Ferris Wheel placed on the 52nd flooring at 220 metres above ground, 94 Design Suites by Studio F.A. Porsche, and the first in Asia-- Planet Hollywood Suites.M101 Bukit Bintang Sdn Bhd's development job, likewise called M101 Bukit Bintang, will house the very first Monopoly-themed hotel on the planet, the Monopoly Estate. Upon completion, the hotel will be handled by Sirocco Hospitality Group Sdn Bhd, which is likewise wholly-owned by Yap.Sirocco is presently handling M101 Group's first hotel, RED by Sirocco, Kuala Lumpur at M101 Dang Wangi. Sirocco will likewise be handling the World Hollywood Suites upon the conclusion of M101 Skywheel, the M101 Group's flagship development.On Monday, One Sierra Sdn Bhd, which is a significant investor of property designer Meda Inc Bhd, disposed of its entire 6.9 %stake in the group.In a filing with Bursa Malaysia, Meda Inc stated One Sierra sold the stake last Friday.One Sierra
is the lorry of individuals Yuen Kok Meng and Chow Tet Ngee.Meda Inc shares closed up 19.5% or 7.5 sen yesterday to 46 sen, for a market capitalisation of RM222 million.