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Friday, December 10, 2010

Bolton selling Campbell Complex owner for RM50mil

PETALING JAYA: Bolton Bhd plans to sell its unit that owns Campbell Complex in Kuala Lumpur for RM50mil.

This is part of the group's plan to dispose of its non-core assets and investments that do not yield reasonable returns.

Bolton told Bursa Malaysia yesterday that it had entered into a sale and purchase agreement with Shapadu Resources Sdn Bhd for the disposal of its entire stake in Lim Thiam Leong Realty Sdn Bhd, which owns the 20-storey complex.

The disposal will raise cash, which will be used to meet the working capital requirements and/or to repay borrowings of Bolton, it added.

Bolton said it would record a gain of RM3.16mil from the disposal, resulting in an increase in its consolidated earnings per share of 11.27 sen based on the present number of ordinary shares in issue for the financial year ended March 31.

By The Star

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