Thursday, December 9, 2010

Bolton to dispose of property company for RM50m cash

KUALA LUMPUR: BOLTON BHD [] is selling its 100% stake in Lim Thiam Leong Realty Sdn Bhd, which owns Campbell Complex in Jalan Dang Wangi here for RM50 million.

Bolton said on Thursday, Dec 9 it was disposing of the realty company to Shapadu Resources Sdn Bhd.

Lim Thiam Leong Realty owns 70 retail lots in the podium, all the office suites and 286 parking bays in the 20-storey Campbell Complex.

Campbell Complex has 197 retail lots'' and it has a total net lettable area of approximately 255,160 sq ft and has an occupancy rate of 70%.

Lim Thiam Leong Realty acquired the land in year 1971 for RM6 million and the CONSTRUCTION [] of Campbell Complex was completed in 1973 at a cost of RM15.32 million.

The net book value of the land and the property, as at March 31, 2010, was RM46.63 million.

The property is about 37 years old and has rented out 179,783 sq ft, which generated revenue and pre-tax profit of RM6.25 million and RM1.78 million respectively for the financial year ended March 31, 2010.

The 88 strata titles in the property are currently charged in favour of a financial institution under a first legal charge as security for banking facilities granted to Bolton.


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