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Friday, December 25, 2009

Mah Sing to sell office building for RM226m

PETALING JAYA: Mah Sing Group Bhd has proposed en bloc sale of 278,182 sq ft of the 20-storey grade A commercial building, including 301 units of car park bays in the east wing of the Icon@Tun Razak, to T.S. Law Realty Sdn Bhd for RM226.5mil cash.

In a filing with Bursa Malaysia yesterday, Mah Sing said the Icon@Tun Razak was a freehold purpose-built office building by owned its subsidiary, Star Residence Sdn Bhd.

“The group pursued the proposed en bloc sale to ensure that it will be able to maintain its earnings, net assets and cashflow.

“And Star Residence offers to take up the tenancy of the Icon@Tun Razak for a period of three years commencing from the actual vacant possession date which shall correspond with the date of the sales and purchase agreement.

“Star Residence intends to lease the sale property for rental income in order to offset rental payable to the purchaser,” it said.

With the proposed en bloc sale, the Icon @ Tun Razak is fully sold.

In another statement to the exchange, Mah Sing said it had obtained the approval of Bank Negara for shareholder’s advance to its wholly-owned subsidiary, Mah Sing International (HK) Ltd, to subscribe to shares in its newly incorporated wholly-owned subsidiary, Mah Sing Property Consulting (Changzhou) Pte Ltd.

Mah Sing said it had remitted US$29.8mil on behalf of Mah Sing International for the subscription of the registered capital of Mah Sing Changzhou.

The intended business activities of Mah Sing Changzhou are property consulting and business consulting.

By The Star

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