Ipmuda gets properties as settlement of debt owed by Maju Holdings

KUALA LUMPUR (Oct 27): Building materials trader Ipmuda Bhd has come to an agreement with Maju Holdings Sdn Bhd for the latter to settle its RM7.19 million debt to the former by transferring 10 units of properties in the project known as Maju Kuala Lumpur.

In a filing with Bursa Malaysia yesterday, Ipmuda said the 10 properties, worth an aggregate purchase price of RM6.65 million, will settle part of the debt.

The balance of RM538,902 will be settled by the transfer of additional units of properties from the same development, or by way of cash from Maju Holdings.

"The debt shall only be deemed to be fully paid and settled upon the delivery of vacant possession of the units to Ipmuda in accordance with the relevant laws together with the certificate of completion and compliance for each unit," it said.

Ipmuda added that the respective purchase consideration for the units is at arms-length transaction based on the market price sold to any other purchasers.

The group added that the deal will enable it to realize some revenue by leasing the units under the concept of homestay business, or by disposing of the units when they are completed. — theedgemarkets.com

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