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Mahajaya Bhd to sell five shop offices to raise capital

KUALA LUMPUR: Medan Damai Sdn Bhd, a wholly-owned subsidiary of Mahajaya Bhd is selling off five bumiputra shop offices in Taman Damai Utama in Puchong, Selangor totalling RM5.54 million. This will be utilised as working capital for Medan Damai for the financial year ending June 30, 2010.

It is entering into a sales and purchase agreement for the disposal of the shop offices with two local investment holdings companies and one property investment company.

“The proposed sale will not have material effect on the share capital, net assets, gearing and substantial shareholders’ shareholding except that the sale is expected to contribute positively to the earnings of the group for the year ending June 30, 2010,” said Mahajaya Bhd in an announcement to Bursa Malaysia.

“The expected gain from the proposed sale is RM2 million,” it said.

Mahajaya Bhd identified the companies purchasing the commercial units as Pluto Heights Sdn Bhd, Teguh Menarik Sdn Bhd and Rancangan Impian Sdn Bhd.

The proposed sale is expected to be completed by December 2009.
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