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Monday, July 12, 2010

Dubai World property arm sells off Malaysia stake

DUBAI, United Arab Emirates: A property arm of struggling state conglomerate Dubai World is backing out of a plan to build luxury homes in Malaysia as it looks to shore up its finances.

The cash-strapped company's Limitless division is selling off its stake in a partnership with Malaysia's UEM Land Holdings Berhad to develop waterfront land in the southern city of Nusajaya.

Limitless will generate about US$23.8 million in the deal, according to a regulatory filing on Malaysia's stock exchange.

Limitless said in a statement Sunday that it continues "to review our business activity to reflect market conditions."

The company's parent Dubai World needs cash as it works to pay back $23.5 billion in debt.


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