THE Federal Land Development Authority (FELDA) is rumoured to be interested in selling a share in developer Encorp Bhd.

The asking price is around RM1 (a share). FELDA paid a significant price for its investment, thus it is now examining a variety of choices.

According to another source, FELDA is also considering selling a block of shares to a bumiputera entrepreneur who can turn things around, and if the share price rises, FELDA will quit the company.

FELDA, through its subsidiary Felda Investment Corp Sdn Bhd (FIC), purchased a 49.5 percent ownership in Encorp from Tan Sri Mohd Effendi Norwawi in May 2014 for RM239.72 million, or RM1.55 per share, triggering a mandatory general offer. FIC also offered Encorp's redeemable convertible unsecured loan stock for 55 sen per warrant and RM1.55 (RCULS). To sum it all up, FELDA acquired 72.27 percent of Encorp after paying RM306.11 million.

Anjakan Masyhur Sdn Bhd, the vehicle of Azhar Mohd Awal and Azman Hanafi Abdullah, is another significant shareholder in Encorp, with a 12.65% ownership stake.

Anjakan Mashyur has been an Encorp shareholder since September 2007. Azhar and Azman are not members of Encorp's board of directors. Anjakan Mashyur is most likely controlled by businessman Tan Sri Syed Mokhtar Albukhary, based on its address (110 Jalan Maarof, Bangsar, Kuala Lumpur). It is worth mentioning that the tycoon's firms all share the same address.

Strand Mall generates a lot of interest for Encorp

It is thought that Encorp is currently reviewing some of the inquiries, but the company is also not in a rush to sell because it intends to revitalise the mall and the surrounding region by giving it a new lease on life.

Strand Mall is part of Encorp Strand, an 18.6-hectare integrated commercial complex created by Encorp in collaboration with Selangor State Development Corp. (PKNS).

Red Carpet Avenue, a 90-foot-wide and 800-foot-long covered, climate-controlled al fresco boulevard, Encorp Strand Garden Office, and Encorp Strand Residences are all part of the RM1.4 billion construction.