Tuesday, September 27, 2011

BRDB edges up in early trade

KUALA LUMPUR: BANDAR RAYA DEVELOPMENTS BHD [] (BRDB) shares advanced on Tuesday, Sept 27 after the company called off its proposed sale of four selected assets for RM914 million to its major shareholder Ambang Sehati Sdn Bhd and instead will carry out a tender exercise of the assets.

At 9.10am, BRDB gained seven sen to RM1.89 with 3,100 shares traded.

BRDB said on Monday, Sept 26 that following the discussion, both parties have 'mutually agreed to cease all negotiations and for the board to dispose the four assets by way of a tender exercise'.

BRDB and Ambang Sehati had considered misconceptions, views and concerns of the various stakeholders raised following the Sept 19 announcement as well as expressions of interest received from credible parties.

'Following the announcement, an independent international property valuation firm will be engaged to carry out the tender exercise. A detailed announcement will be made at the appropriate time,' it said.

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