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MUI Properties

The Company completed on 30 January 2009 the
disposal of its entire equity in its wholly-owned
subsidiary, Two Holdings Sdn Bhd (Two Holdings),
to Pan Malaysian Industries Berhad for a cash
consideration of RM9.3 million. The agreement on
the disposal was entered into on 14 September 2007.
The main asset of Two Holdings is a vacant piece of
freehold land situated in Jalan Mayang, Kuala Lumpur.
The disposal will enable the Company to realise a
gain of approximately RM7.5 million in 2009.
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Published: Monday June 30, 2014 MYT 10:00:00 PM
Updated: Monday June 30, 2014 MYT 3:06:52 PM
MUI plans 30-storey apartment block in KL



KUALA LUMPUR: Malayan United Industries Bhd (MUI) plans to build a 30-storey apartment block in Jalan Mayang, which is 2km away from the Kuala Lumpur city centre.

It said on Monday it had proposed to undertake the project, which includes a 16-storey car park, on the 1.477 million sq metres piece of agricultural freehold land which it was purchasing from Pan Malaysia Industries Bhd (PMI).

MUI said its unit Corus Hotels Sdn Bhd had signed a shares sale agreement with PMI to buy the entire 385,000 shares of Two Holdings Sdn Bhd for a purchase consideration of RM26.3mil.

PMI Group – which was delisted on June 23 – owns 13.23% of MUI. Two Holdings' main asset is the piece of vacant freehold.

"The land is located next to a hotel owned by Ming Court Hotel (KL) Sdn Bhd, a wholly-owned subsidiary of MUI and additional value can be created by combining the extension/redevelopment of these two properties," it said.

http://www.thestar.com.my/Business/...30/MUI-plans-30-storey-apartment-block-in-KL/
 
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