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Thursday, May 5, 2011

Mutiara buys stake in Tambun unit

PETALING JAYA: Property developer Mutiara Goodyear Development Bhd is acquiring 40% stake in Palmington Sdn Bhd, a unit of Tambun Indah Land Bhd, for RM2.34mil cash in a move to jointly develop 527 acres in Seberang Perai.

In a filing to Bursa Malaysia yesterday, Mutiara Goodyear said it was selling the 527 acres to Palmington for RM233.2mil cash.

Mutiara Goodyear has agreed to provide funding in proportion to its shareholding in Palmington to part-finance the purchase of the land, amounting to RM98.8mil.

In a separate press release, Tambun Indah would finance its portion of the land purchase amounting to RM139.9mil via internally-generated funds and bank borrowings.

Mutiara Goodyear executive chairman Hamidon Abdullah said, “I am very confident with the prospect of this development due to its proximity to the Penang Second Bridge.”

By The Star

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