Ivory Prop disposes of its 45% stake in Penang property development firm for RM56m

KUALA LUMPUR (Nov 2): Ivory Properties Group Bhd is disposing of its 45% interest in a Penang-based property development company for RM56.09 million.

The buyer is Hemat Tuah Sdn Bhd, which currently owns the other 55% stake in the company, Tropicana Ivory Sdn Bhd (TISB).

In a filing with Bursa Malaysia, Ivory said the disposal of the stake will enable it to realise gains from its investment in TISB and focus on other project developments.

Ivory's wholly-owned subsidiary, Ivory Utilities Sdn Bhd, signed the shares sales agreement with Hemat Tuah yesterday.

According to Ivory’s earlier bourse filing dated Nov 11, 2011, TISB was involved in the development of 102.56 acres of land in Penang, with a gross development value of RM10 billion back then.

TISB was originally a JV between Ivory and Tropicana Corp Bhd. Tropicana had on Oct 26 last year sold its 55% stake to Hemat Tuah.

Ivory's share price closed unchanged at 18.5 sen yesterday, giving the group a market capitalisation of RM90.67 million.

Click here for more property stories.