Berjaya Times Square to dispose of eight units of properties

KUALA LUMPUR: Berjaya Times Square Sdn Bhd (BTSSB) has entered into eight Sale and Purchase agreements with Dian Kristal Sdn Bhd (DKSB) for the proposed disposal of eight units of properties located on the ground floor, the 14th floor and 16th floor in the Berjaya Times Square mall and complex for a total cash consideration of RM23.77 million.

BTSSB is a wholly owned subsidiary of Berjaya Assets Bhd while DKSB is a wholly owned subsidiary of Berjaya Vacation Club Bhd, which in turn is a wholly owned subsidiary of Berjaya Land Sdn Bhd.

In a filing to Bursa Malaysia on Nov 17, Berjaya Assets said the cash proceeds from the proposed disposal of RM23.77 million would be utilised by BTSSB for its working capital purposes.

“The proposed disposal, which is in line with the principal activities of BTSSB, is to enable the company to raise funds for its working capital purposes,” it said.

The proposed disposal is expected to be completed by December 2009 or January 2010.
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