KUALA LUMPUR: BANDAR RAYA DEVELOPMENTS BHD [] (BDRB) on Tuesday, Aug 10 confirmed it is in talks with a Chinese party for a potential collaboration with its 56.76%-owned subsidiary MIECO CHIPBOARD BHD [].
In an announcement to Bursa Malaysia, BDRB said the collaboration could possibly involve equity participation in Mieco. The property developer said the discussion was preliminary and exploratory in nature at this stage.
The announcement was made in response to an article 'Chinese party in talks with BRDB for Mieco' in The Edge weekly, which said BDRB may sell its equity stake in its chipboard-manufacturing unit.
If BDRB were successful in divesting all or part of its stake, the proceeds would enable it to pare down some borrowings or to help fund future projects.
As at March 31, BDRB had a net debt of RM657.58 million. Its cash and cash equivalents stood at RM144.36 million while borrowings amounted to RM801.9 million.
In an announcement to Bursa Malaysia, BDRB said the collaboration could possibly involve equity participation in Mieco. The property developer said the discussion was preliminary and exploratory in nature at this stage.
The announcement was made in response to an article 'Chinese party in talks with BRDB for Mieco' in The Edge weekly, which said BDRB may sell its equity stake in its chipboard-manufacturing unit.
If BDRB were successful in divesting all or part of its stake, the proceeds would enable it to pare down some borrowings or to help fund future projects.
As at March 31, BDRB had a net debt of RM657.58 million. Its cash and cash equivalents stood at RM144.36 million while borrowings amounted to RM801.9 million.
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