Tuesday, October 26, 2010

Equine Capital to dispose Wisma KLIH for RM58m cash

KUALA LUMPUR:'' EQUINE CAPITAL BHD []'s unit Kuala Lumpur Industries Bhd is disposing its Wisma KLIH for RM58 million cash to Wonderful Vantage Sdn Bhd.

Equine said on Tuesday, Oct 26, that of the proceeds from the sale, RM30.2 million would be used to repay bank borrowings, RM15.8 million for working capital, while RM12 million will be set aside for expenses related to the disposal as well as renovation and refurbishment option.

It said the proposed disposal was part of its efforts to streamline its business activities towards its core business of property development which made it necessary to dispose of its investments in non-core assets.

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