Business Times - November 6, 2009
MTD Capital Bhd said it will sell both its MTD Building and Bangunan Shell Malaysia to its major shareholder for RM175 million to fund its highway project in Phillipines.
MTD’s wholly owned unit, MTD Properties Sdn Bhd, has agreed to sell MTD Building, a 14-storey office tower for RM70 million to Haluan Gigih Sdn Bhd (HSGB), a unit of Alloy Consolidated Sdn Bhd, which in turn is MTD’s major shareholder.
It will also sell the 12 storey Bangunan Shell to HGSB for RM105 million.
MTD Properties will lease back the MTD Building as it is the group’s headquarters.
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