ADGSOM1 & ADGMIN1  
       
  LAUNCH OF THE 50TH ANNIVERSARY CELEBRATION OF RUKUN NEGARA  
       
  KL SUMMIT 2019  
       
  HAWANA 2018  
       
  AES 2016  
       

 
 
 

March 29, 2024 -Friday

 
  SDB AND GOLDEN EAGLE REALTY SDN. BHD. ENTERS INTO SALE AGREEMENT FOR WISMA SELANGOR DREDGING

Tuesday 20/06/2017



KUALA LUMPUR, June 20 (Bernama) -- Selangor Dredging Berhad (SDB) has entered into a conditional sale and purchase agreement to sell Wisma Selangor Dredging for a cash consideration RM480 million to Golden Eagle Realty Sdn. Bhd.

In an announcement to Bursa Malaysia this evening, SDB said the sale consideration was arrived at on a willing buyer-willing seller basis. Golden Eagle Realty Sdn. Bhd. is a wholly- owned subsidiary of Nation Venue Sdn. Bhd, which is 99% owned by Tan Sri Dato’ Koo Yuen Kim who is well known for his successful entrepreneurial ventures both in China and Malaysia.

The sale of the Wisma Selangor Dredging comprising four blocks of commercial building and two levels of basement carpark located along Jalan Ampang, Kuala Lumpur will be subject to conditions and on an “as-is-where-is” basis, together with equipment and machineries attached and all consumables, stock and inventory.

The deal is expected to be completed within 12 months from the date of signing of the agreement.

SDB managing director Teh Lip Kim said that the divestment represents an opportunity for SDB to unlock its investment in this asset, generate cash flow and reduce gearing levels for the Group. It will also provide financial flexibility for the Group and provide additional funds for working capital, hence being in the best interest of SDB and its shareholders.

 “Proceeds from the proposed disposal will be channelled towards investments that will provide favourable returns and growth prospects,” said Ms Teh. “This will strengthen our balance sheet and enable SDB to acquire opportunistic assets for future property development projects and fund these projects.”

“At the same time, we also intend to reward all our shareholders with a special cash dividend of 19 sen per share,” she added.

SDB is one of Malaysia’s leading “boutique” property developers which has also expanded successfully into Singapore. To date, the company has successfully launched 13 developments in Malaysia and 5 developments Singapore. Its most recent land acquisition has been 2 parcels of land in Serangoon Road District 12 and Draycott Place in District 10, Singapore.

SDB recently ventured into the mining sector by purchasing a 20% stake amounting to RM20 million in Webcon Mining Sdn Bhd, a company which had obtained the rights to  mine, extract, excavate and sell iron ore in Bukit Besi Terengganu. This marks the Group’s strategic expansion and diversification to other sectors.

SDB has consistently been recognised for its innovation and excellence in property development by numerous professional bodies.

Since its involvement in property development in 2004, SDB has been recognised and granted awards by various local and international bodies including Singapore Institute of Architects (SIA), Pertubuhan Arkitek Malaysia (PAM), and the International Real Estate Federation (FIABCI). To date it has garnered 15 Malaysian and 18 international awards. 

SOURCE : Selangor Dredging Berhad

FOR MORE INFORMATION, PLEASE CONTACT: 

Nama : Lina Othman
Communications and Corporate Affairs
Tel : 603.2161 3377
Fax : 603.2161 6651
Email : lina@sdb.com.my
Web    www.sdb.com.my

--BERNAMA

 
 
 

Copyright © 2024 MREM . All rights reserved.