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Maxtral unit sells asset under receivership

KUALA LUMPUR: Maxtral Industry Bhd said its unit Steadmont Development Sdn Bhd has sold a piece of property to Suriamas Lumayan Sdn Bhd for RM33.89 million.

It said the original cost of investment for the property, now under receivership, was RM9.33 million which was made on May 8, 2007.?This translates into a gain of RM24.56 million.  

Maxtral said the proceeds of the sale will be used to settle borrowings due to OSK Investment Bank, namely a RM20 million bridging term loan and RM50 million term loan.

 

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