Kulim sells property

Posted on | March 10, 2010

By BUSINESS TIMES


DIVERSIFIED palm oil group Kulim (M) Bhd is selling its property Menara Ansar in Johor, to AmanahRaya Trustees Bhd for RM105 million.

Kulim will be paid partly in cash of RM63 million, while the remainder will be through the issuance of 42.9 million new units of Al-’Aqar KPJ Real Estate Investment Trust (REIT) at an issue price of 98 sen per unit.

AmanahRaya is the trustee of Al-’Aqar REIT.

Kulim managing director Ahamad Mohamad said proceeds from the divestment will be utilised for repayment of the group’s borrowings.

- Property News Malaysia

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