Lien Hoe sells unit for RM65mil

Posted on | April 26, 2007

By THE STAR

KUALA LUMPUR: Lien Hoe Corp Bhd has agreed to sell its wholly-owned subsidiary Billiontex Industries Sdn Bhd to property company Perfect Eagle Development Sdn Bhd for RM65mil.

Billiontex’s sole asset is a piece of leasehold land measuring 259,050 sq m in Seri Kembangan, Selangor, Lien Hoe told the stock exchange.

It added that the sale consideration was negotiated on a willing-buyer, willing-seller basis after taking into consideration the selling price of RM251 per sq m for the land.

Lien Hoe said the proposed sale “is in line with the company’s strategy and plan to raise cash through sale of assets for debt repayment.”

You might also like

Lien Hoe to invest in better-yielding property assets By THE EDGELien Hoe Corporation Bhd will invest in better-yielding property assets after settling borrowings...

Record property values By THE STARMah Sing Group Bhd announced the sale last week of its first office building project, which...

Olympia firm to dispose of JB land By BUSINESS TIMES OLYMPIA Industries Bhd’s (OIB) wholly-owned subsidiary MA Realty Sdn Bhd has agreed...

Sunway sells two foreign firms By THE STARKUALA LUMPUR: Sunway Holdings Bhd units Sunway Holdings (Vietnam) Sdn Bhd and Sunway Property...