Friday, December 14, 2007

Faber to sell unit for RM228mil

Faber Group Bhd, through wholly-owned subsidiary Faber Hotels Holdings Sdn Bhd, has proposed to dispose of its 100% equity interest in Faber Labuan Sdn Bhd to Berjaya Land Bhd for RM228.54mil.

In a statement, Faber said it expected to realise a gain on disposal of RM99.06mil based on its audited financial statement as at Dec 31, 2006.

“The proceeds will be used for the redemption of redeemable convertible preference shares, the group's business growth and expansion plans,” it said.

Source : STAR
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