PROPERTY developer United Malayan Land Bhd (UMLand) is turning Bangi Heights Development Sdn Bhd into a directly owned unit to improve its structure and efficiency.
It is buying a 70 per cent stake for RM82.86 million from its wholly-owned unit, Country Equity Sdn Bhd.
Since Country Equity owes UMLand RM82.82 million as at December 31 2008, this amount will offset the total purchase consideration.
The outstanding amount of RM44,339 will be paid at completion of the exercise or remain as a debt due from UMLand.
By Business Times
Thursday, January 22, 2009
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