OilCorp’s D’Tiara sells property arm

OILCORP Bhd’s unit D’Tiara Corp Sdn Bhd has agreed to sell property arm Magic Coast Sdn Bhd to Amanahraya Development Sdn Bhd for RM29 million.

The sale was necessary to ensure that the joint-venture project, Amanahraya Corporate Tower & D’Tiara Hotel Suites, continues since Oilcorp would have difficulty in procuring end-financing due to its Practice Note 17 status.

The project development cost is RM374.4 million and is expected to be completed by the end of this year.

By Business Times