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Wednesday, November 18, 2009

Glomac unit sells office block for RM170mil

PETALING JAYA: Glomac Bhd’s wholly-owned subsidiary, Glomac Damansara Sdn Bhd has entered into a sale and purchase agreement with Lembaga Tabung Haji for the disposal of a 25-storey office block for RM170.7mil.

In a filing with Bursa Malaysia yesterday, Glomac said the property would be completed and handed over to Lembaga Tabung Haji within 36 months from the date of the building plan approval. The development order was obtained on Sept 24.

“The proposed sale will enhance Glomac’s future earnings and substantially reduce Glomac’s working capital requirements for the development of this project,” it said.

By The Star

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