Property Hunter Magazine Issue 87 - March 2017 | Page 28

NEWS
MARA Disposes Property in Australia IN
One of Majlis Amanah Rakyat and the sale was done a ( Mara ) Inc ’ s four properties few months back via an in Australia has been sold open tender managed by an recently to repay loans international company , he granted by two financial told the media on Monday ( 9 institutions there , according January ). to Mara Chairman Tan Sri Annuar Musa .
“ We have to manage our properties in Australia and I am glad to inform that recently we decided to sell one of the properties because I wanted to clear the debts as the purchase of the building was made by taking or borrowing money from Australian banks .”
Mara ’ s investment arm has opted to divest the asset ,
Following the sale , the proceeds were used to pay back and reduce Mara Inc ’ s debts , which is “ more manageable now ”, added Annuar . However , he didn ’ t reveal the selling price of the property .
Previously , Australian newspaper The Age reported in 2015 that Mara Inc bought a five-storey apartment in Melbourne known as Dudley
International House at a price higher the prevailing market rate at that time .
It alleged that a group of very wealthy Malaysian official had purchased the building in 2013 for A $ 22.5 million ( RM65
Parkview Apartments
million ), which is higher than the building ’ s original cost of A $ 17.8 million ( RM51.5 million ) by A $ 4.75 million ( RM13 million ). The property was intended to be used as a hostel for Mara ’ s students .
Ekovest Bags RM6.32 Billion Highway Construction Job WM
Ekovest Bhd received “ principle approval ” from the government on Tuesday ( Jan 17 ) for another major highway construction job worth RM6.32 billion .
The company said the privatised expressway , which is divided into three sections named Kampung Baru Link , Istana Link and Kapar Link , involves a total length of 75.2km .
Ekovest is currently constructing the Sri Damansara Link and Tun Razak Link under Phase 2 of its Duta-Ulu Klang Expressway ( DUKE ). The company has also signed a concession agreement with Putrajaya to construct the Setiawangsa- Pantai Expressway , originally called DUKE Phase 3 .
In a filing with Bursa Malaysia , Ekovest said the government issued principle approval for the latest project to its
subsidiary Lebuhraya DUKE Fasa 2A Sdn Bhd ( LDF2A ).
“ The proposed project is expected to provide vital connectivity and direct linkage for movements in and around Kuala Lumpur City Centre and completes the missing link for seamless travelling in and out of Greater Kuala Lumpur and [ the ] Klang Valley ,” it said , without providing specific details of the routes .
Ekovest said the project is subject to further negotiation between the parties , and that the principle approval is not binding until the relevant agreement between LDF2A and the government is executed .
It added that the project is expected to be funded by internally generated funds , borrowings and other fundraising exercises .
Tan Sri Lim Kang Hoo is the
single largest shareholder of Ekovest with a 32.38 % stake . Lim also owns a 40 % stake in Iskandar Waterfront Holdings Sdn Bhd ( IWH ), in which Kumpulan Prasarana Rakyat Johor Sdn Bhd owns the other 60 %.
A consortium comprising IWH and China Railway Engineering Corp ( M ) Sdn Bhd owns a 60 % stake in Bandar Malaysia Sdn Bhd , which is undertaking the Bandar Malaysia project .
The project includes an integrated transport hub project comprising the Kuala Lumpur-Singapore high-speed
Ekovest to construct RM6.32b KL road links
rail , the mass rapid transit , the KTM Komuter and the Express Rail Link .
Ekovest has recently raised financing for the Setiawangsa- Pantai Expressway project via an RM3.64 billion sukuk wakalah issue . This is Malaysia ’ s largest sukuk issue for a greenfield toll road project .
In another development , the Employees Provident Fund signed a deal last September to buy a 40 % stake in DUKE ’ s concessionaire , Konsortium Lebuhraya Utara-Timur ( KL ) Sdn Bhd , for RM1.13 billion .
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