Monday, September 19, 2011

#Flash* BRDB to reward shareholders with 80c a share

KUALA LUMPUR: Bandar Raya Development Bhd's (BRDB) board has accepted the offer from major shareholder, Ambang Sehati Sdn Bhd, to acquire four of BRDB's investment assets for RM430 million net of liabilities of RM484 million.

BDRB said on Monday, Sept 19 that following the proposed disposal, BRDB would distribute part of the proceeds to the shareholders via a net cash dividend of 80 sen per share.

Ambang Sehati - which owns 18.88% of BRDB - had on Sept 5 proposed to acquire BRDB's four investment PROPERTIES [], namely CapSquare Retail Centre, Permas Jusco Mall, Bangsar Shopping Centre and Menara BRDB.

The four properties have a total net lettable area of 907,817 sq ft and a total carrying value RM942.4 million, according to BRDB's latest annual report.

Ambang Sehati's shareholders include BRDB chairman Datuk Mohamed Moiz JM Ali Moiz, Datuk Seri Akbar Khan Mohamed Khan and Abdul Sathar MSM Abdul Kadir.

BRDB chief executive officer Datuk Jaganath Sabapathy said the board would table the offer to shareholders by the end of this year.

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