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Tuesday, December 6, 2011

Ivory takes 51pc stake in Ivory Villas

KUALA LUMPUR: Ivory Properties Group Bhd has signed a share sale and purchase agreement with the vendors of Ivory Villas Sdn Bhd to buy the remaining 51 per cent stake in the company for RM40 million.

In a filing to Bursa Malaysia, the Penang developer said the acquisition is to consolidate its entire income stream and healthy cashflow of Ivory Villas as well as its assets and ultimately enhance future performance.

It said Ivory Villas’ future property launches, with combined gross development value of RM238 million, will contribute positively to the enlarged Ivory group.

By Business Times

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