Atis buys 15m Mutiara Goodyear shares

ATIS Corporation Bhd has acquired 15 million ordinary shares of RM1 each in property developer, Mutiara Goodyear Development Bhd for RM15 million.

In a circular to Bursa Malaysia, Atis said the investment represented a strategic opportunity to strengthen its financial position.

"The growth of the property development sector is expected to continue, albeit at a slower pace, given the uncertainties surrounding the current economic condition and softer demand due to weak sentiment," it said.

Atis said the investment will not have any effect on the issued and paid-up share capital and shareholdings of its substantial shareholders.
It expects the investment to contribute positively to its earnings for financial year ending March 31, 2010 and beyond.

By Bernama