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Bedford Land to dispose Positive Properties

KUALA LUMPUR: Bedford Land Sdn Bhd (BLSB), an indirect wholly-owned subsidiary of GuocoLand (Malaysia) Bhd has entered into a sale and purchase agreement with RHB Hartanah Sdn Bhd (RHBH) for the disposal of its 50% equity interest in Positive Properties Sdn Bhd (PPSB) for a cash consideration of RM35 million. RHBH is the holder of the remaining 50% equity interest in PPSB.

“The disposal, which was completed today will enable the GLM Group to realise its investment in PPSB. The consideration has been fully received and will be utilised for working capital and repayment of borrowings,” GuocoLand said in a filing to Bursa Malaysia on May 26.

The consideration for was arrived at on a willing-buyer-willing-seller basis. BLSB’s original cost of investment in PPSB was approximately RM12.44 million made between September 1995 and September 2007.

PPSB was incorporated in Malaysia on 17 July 1992. It has an authorized share capital of RM50 million comprising 49,650,000 ordinary shares of RM1.00 each.

PPSB currently holds a plot of freehold vacant land measuring approximately 1.27 acres situated along Jalan Tun Razak, Kuala Lumpur.





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