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Monday, July 12, 2010

Bandar Raya firm buys Limitless' 60pc stake in builder

PROPERTY developer Bandar Raya Developments Bhd said its subsidiary has bought 60 per cent of a building company from a unit of state-owned conglomerate Dubai World.

Bandar Raya's subsidiary Ardent Heights has entered into a deal to buy Limitless Holdings Pte Ltd's entire stake in Haute Property Sdn Bhd for a nominal sum of RM1, the Malaysian firm told the stock exchange.

Ardent will pay Limitless RM75 million which Limitless had advanced to Haute towards partial payment by Haute for the development rights of a building project in Johor.

Ardent will also pay Limitless RM1 million to settle about RM10 million advanced by Limitless to Haute to meet Haute's operating and development expenses for the project, Bandar Raya said.
Malaysian builder UEM Land owns the remaining 40 per cent in Haute.

Dubai sent global markets into turmoil at the end of last year when Dubai World asked creditors for a standstill on debt mainly linked to its two property firms Limitless World and Nakheel, builder of the Gulf state's eye-catching palm-shaped islands.

Dubai had said on July 3 a committee overseeing Dubai World, which is in a deal with core lenders to restructure US$23.5 billion (RM75 billion) in debt, had handed responsibility of property unit Limitless to Nakheel.

By Reuters

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