Permaju ventures into property development

Posted on | March 9, 2010

By BUSINESS TIMES


PERMAJU Industries Bhd, a timber company and car distributor, is diversifying into property development by buying 70 per cent of Har- die Development Sdn Bhd for RM33.68 million cash.

Hardie is jointly developing an integrated commercial and residential properties known as Princess Heights in Sabah. Permaju is buying the firm from Datin Pang Fook Kyun and Andrew Sim.

It will use internal funds and borrowings for the deal, due to be completed by the third quarter of this year. Pang is the wife of Datuk Lim Yen Ngiap, a substantial shareholder of Permaju.

- Malaysia Property News dot net

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