MTD completes sale of buildings

KUALA LUMPUR: MTD Capital Bhd has completed the disposal of its MTD Building and Bangunan Shell Malaysia to Haluan Gigih Sdn Bhd, the company told Bursa Malaysia on April 5.

MTD entered into a conditional sale and purchase agreement (SPA) on Nov 5 last year to dispose of MTD Building, a 14-storey office building with a mezzanine floor in Selayang, Gombak, Selangor, held by MTD Properties Sdn Bhd to HGSB for a cash consideration of RM70 million.

The agreement also included a leaseback by MTD Properties of the entire building after the disposal.

On the same date, MTD together with Exclusive Skycity Sdn Bhd (ESSB) entered into a SPA with HGSB to dispose of Bangunan Shell Malaysia, a 12-storey building with 337 parking bays, to HGSB for a cash consideration of RM105 million.

HGSB is a subsidiary of Alloy Consolidated Sdn Bhd, a major shareholder of MTD.

This article appeared in The Edge Financial Daily, April 6, 2010.
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