KUALA LUMPUR: MULTI-PURPOSE HOLDINGS BHD [] (MPHB) is disposing its Menara Multi-Purpose to the Malaysian Chinese Association (MCA) for RM375 million cash.
It said on Monday, Sept 26 that it had entered into a sale and purchase agreement with MCA to sell the office tower together with 414 car park bays.
MPHB said the proceeds from the disposal would be utilised to repay its bank borrowings.
The company said its original cost of investment in the office tower from 1993 to 1996 and the parking bays in 2004 was a total of RM289.03 million.
MPHB said based on the latest net book value of the PROPERTIES [] as at Dec 31, 2010 of RM175.38 million, the company would have an estimated gain of RM199.62 million from the sale.
On the rationale for the disposal, MPHB said it formed part of the group's asset rationalisation exercise to dispose of its non-core assets.
'The proposed disposal is expected to improve the gearing of the group as the sale proceeds will be utilised to pay down the company's bank borrowings,' it said.
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It said on Monday, Sept 26 that it had entered into a sale and purchase agreement with MCA to sell the office tower together with 414 car park bays.
MPHB said the proceeds from the disposal would be utilised to repay its bank borrowings.
The company said its original cost of investment in the office tower from 1993 to 1996 and the parking bays in 2004 was a total of RM289.03 million.
MPHB said based on the latest net book value of the PROPERTIES [] as at Dec 31, 2010 of RM175.38 million, the company would have an estimated gain of RM199.62 million from the sale.
On the rationale for the disposal, MPHB said it formed part of the group's asset rationalisation exercise to dispose of its non-core assets.
'The proposed disposal is expected to improve the gearing of the group as the sale proceeds will be utilised to pay down the company's bank borrowings,' it said.
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