KUALA LUMPUR (Dec 30): Property developer LBS Bina Group Bhd has received the first tranche of deferred cash payments amounting to HK$250 million (RM112.9 million) for the disposal of its stake in Lamdeal Consolidated Development Ltd (Lamdeal Development) and Lamdeal Golf & Country Club Ltd (Lamdeal Golf).
In a filing with Bursa Malaysia today, LBS Bina said the payment received is the first out of four tranches of a promissory note of HK$850 million (RM383.9 million), which is due on Dec 31.
The group had earlier announced that it plans to use 48% of the first payment to reduce bank borrowings, and 32% to pay special dividend to its shareholders. The balance will be used to cover payments of its payables and operating expenses.
On April 10, 2013, LBS Bina’s wholly-owned unit, Dragon Hill Corp Ltd, signed a conditional sale and purchase agreement with Jiuzhou Tourism Property Co Ltd for the sale of the entire interest in Lamdeal Development and Lamdeal Golf for HK$1.65 billion (RM745.2 million).
The disposal consideration comprised HK$500 million cash, approximately 22.5 million new shares of Hong Kong-listed Zhuhai Holdings Investment Group Ltd and deferred cash payment from the promissory note of HK$850 million, payable from Dec 31, 2014 to Dec 31, 2017.
LBS Bina shares closed 1 sen or 0.63% lower at RM1.59 today, bringing its market capitalisation to RM838.79 million.
TOP PICKS BY EDGEPROP
Gemilang Indah
Jalan Klang Lama (Old Klang Road), Kuala Lumpur
OG Heights
Jalan Klang Lama (Old Klang Road), Kuala Lumpur
Bandar Kinrara 2
Bandar Kinrara Puchong, Selangor
Kondominium Tiara Intan, Taman Bukit Indah
Ampang, Selangor
Tiara Mutiara
Jalan Klang Lama (Old Klang Road), Kuala Lumpur