Debao unit to sell stake in loss-making Malaysia business for 4m yuan

DEBAO Property Development is proposing to sell a 43 per cent stake in Malaysia’s Profit Consortium for four million yuan to Chinese management services firm Guangzhou Xu Zhuo Enterprise Management.

Debao’s wholly owned subsidiary, Pavillion Treasures Land and Development, on April 26 entered into a sale and purchase agreement with the buyer, Guangzhou Xu Zhuo, and guarantors Guangdong Debao Property Investment and Guangzhou Xiang Chun Enterprises Management for the disposal.Through Pavillion Treasures, Debao owns a 62 per cent interest in PC, while the remaining shares are held by independent third party shareholders.

PC finalised the development plan in 2017 and started repair works of the existing development on the land for the project, but the works have been delayed due to PC’s cash flow difficulties in funding the Plaza Rakyat project and/or working capital requirements, Debao said in the filing on Monday.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cosco eyes expansion of business operations in MalaysiaCOSCO Shipping International (Singapore) Co plans to expand its business operations in Malaysia by obtaining a lease of a piece of land in the port area of Port Klang where it will construct a 300,000 square foot warehouse. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

CapitaLand sells self-storage business StorHub for S$179.5mCAPITALAND has sold a group of companies that own and manage its self-storage business, StorHub, for an aggregate S$179.5 million to an unrelated and undisclosed buyer. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »