MPHB sells Menara Multi-Purpose to MCA

 MULTI-PURPOSE HOLDINGS BHD ( MPHB ) announced today that there are disposing its Menara Multi-Purpose to the Malaysian Chinese Association ( MCA ) for RM375 million cash and based on the sales, there will be an estimated gain of RM199 million.

The package includes the office tower known as Menara Multi-Purpose together with 414 car park bays.

The earnings and earnings per share of the MPHB Group for the financial year ended 31 Dec 2011 will definitely be positively affected from the disposal.

MPHB said the sales proceeds from the disposal would be utilised to repay the company's bank borrowings. The purpose of the disposal also in-line with the group's asset rationalization exercise to dispose of its non-core assets.

The original cost of the tower and parking bays were at a total of RM289 million.