Tambun Indah unit to buy Penang land

PETALING JAYA: Tambun Indah Land Bhd’s 70%-owned unit Mustiara Sdn Bhd has proposed to buy 27 parcels of freehold land measuring 209.54 acres in South Seberang Perai District, Penang from TPPT Sdn Bhd for RM131 million cash.

In a Bursa filing today, the said it has proposed to provide financial assistance of up to RM3.45 million via shareholder’s advances to Mustiara to fund the acceptance deposit in relation to the letter of acceptance and other costs related to the land acquisition.

The shareholder’s advances are subject to an interest rate of 5.12% per annum calculated on a monthly basis.

The group said Mustiara had paid the acceptance deposit of RM2.62 million, which was funded via the proposed provision of financial assistance.

The remaining balance of the purchase consideration will be funded via bank borrowings and/or additional financial assistance from the shareholders of Mustiara.

Tambun Indah said it intends to fund the shareholder’s advances via its internally generated funds.

The group’s was unchanged at 78 sen today with 168,300 shares changing hands.

Source: The Sun Daily

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