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Wednesday, July 29, 2009

Bandar Raya unit to buy stake in Oman firm

PETALING JAYA: Bandar Raya Developments Bhd’s wholly-owned subsidiary BRDB (Oman) Ltd has entered into an agreement for the proposed development of an integrated real estate tourism project on about 40ha in Oman through Amouage Hotels & Resorts LLC, Oman.

In a filing with Bursa Malaysia, Bandar Raya said BRDB would acquire 30% stake in Amouage from its shareholders, Mamas Loizou Ioanou Christodoulides and Mohammed Saleh Bin Eid Al Khaldi, for RM423,000 cash.

“Subject to the relevant approvals in Oman, the project will comprise residential and commercial units, hotel and other facilities,” it said.

The acquisition is in line with Bandar Raya group’s intention for new property development projects locally and overseas to enhance its earning base.

“The proposed joint venture represents an opportunity for the group to expand to and take advantage of the fast growing economies of Oman and the Gulf Cooperation Council countries,” it added.

By The Star

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