Olympia Industries sells Menara Olympia

KUALA LUMPUR: Olympia Industries Bhd has disposed of its entire stake in wholly-owned unit Dairy Maid Resort & Recreation Sdn Bhd (DMRR) to Jelita Timur Sdn Bhd for RM30.15 million. DMRR owns Menara Olympia and the tract on which the building sits along Jalan Raja Chulan here.

In a statement to the bourse on Friday April 9, Olympia said the sale of DMRR would enable Olympia to settle debts amounting to approximately RM172.5 million as Menara Olympia and the land are currently charged to secure the loan facility.

This, in turn, translates into interest savings of some RM23.2 million for the seller due to early settlement of the loan.

Net cash proceeds of RM11.37 million from the disposal are intended as working capital for Olympia.
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