Glomac sale

Posted on | November 18, 2009

By BUSINESS TIMES


GLOMAC Bhd’s wholly- owned subsidiary, Glomac Damansara Sdn Bhd has signed a sale and purchase agreement with Lembaga Tabung Haji for the sale of Tower D at its Glomac Damansara development, for RM170.73 million.

Glomac said the proposed sale will immediately enhance the group’s future earnings and substantially reduce its working capital requirements for the project.

“The en-bloc sale to financially-strong institutions such as Lembaga Tabung Haji is part of Glomac’s strategy to reduce sales risk for new projects,” it said.

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