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Tuesday, October 18, 2011

BRDB still in the midst of appointing valuer for tender exercise

PETALING JAYA: Bandar Raya Developments Bhd (BRDB) has yet to appoint an independent international property valuation firm to manage the tender exercise for the sale of BR Property Holdings Sdn Bhd, which owns the successful Bangsar Shopping Centre and Menara BRDB as well as the CapSquare Retail Centre and the Permas Jusco Mall.

“We will make an appropriate announcement when the details are confirmed,” said BRDB in a statement via email to StarBiz.

The tender exercise to dispose of the prized assets came about in late September after BRDB's board of directors decided to call off a plan to sell BR Property Holdings to Ambang Sehati Sdn Bhd.

Ambang Sehati, BRDB's major shareholder with 18.88% stake, had earlier proposed to buy the four assets for RM914mil.

Ambang Sehati is the investment vehicle of BRDB chairman Datuk Moiz Jabir Mohamed Ali Moiz. Ambang Sehati would also be invited to participate in the tender exercise.

Meanwhile, an outstanding issue in the earlier proposed sale to Ambang Sehati was the identities of those who own the much-talked-about 23.6% block of shares in BRDB held in a nominee account by Credit Suisse.

This block is said to hold some sway in deciding whether the deal would have gone through.

Bursa Malaysia had highlighted via a letter to StarBiz earlier this month that statements published in the media, which were attributed to the exchange's chief executive officer Datuk Tajuddin Atan, concerning enquiries into the owners of the 23.6% block of shares in BRDB were inaccurate.

In its letter, Bursa Malaysia stated that “as a matter of policy, the exchange does not comment on whether it is looking into matters concerning companies or individual.”

BRDB said it had answered all queries raised by Bursa Malaysia.

By The Star

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