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Article: Malaysia: OCI To Dispose Property To Ultimate Print For RM12 Million.
- Article from:
- TendersInfo
- Article date:
- November 7, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
Sealants and adhesives manufacturer, OCI Bhd is proposing to dispose off its leasehold property in Shah Alam to printing service company, Ultimate Print Sdn Bhd for RM12 million cash. Proceeds from this exercise would be utilised to pay the company's borrowings from the bank, OCI said in a statement to Bursa Malaysia today.
"The property is currently charged to Bank Islam Malaysia Bhd for credit facilities to the OCI Group of which have already been in default," the company said in conjunction with the sale and purchase agreement between OCI and Ultimate Print for the proposed sale of the property.
The disposal plan is also in ...