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Thursday, July 19, 2012

MBSB selling Gadini to Ken for RM56m

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) is selling 100 per cent stake in its property development unit, Gadini Sdn Bhd, to Ken Holdings Bhd for RM56.17 million.

MBSB said the proposed disposal was in line with its objective to sell non-income generating assets, foreclosed properties and properties previously acquired.

The company said the exercise is expected to be completed in the fourth quarter of this year and proceeds from the disposal would be utilised for the expansion of its financing business.

By Business Times

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