OCR disposes loss-making subsidiary for RM4.4 mil
The disposal also enables OCR to concentrate on its existing business of property development and construction business.
The disposal also enables OCR to concentrate on its existing business of property development and construction business.
Going forward, the REIT expects the retail environment to continue to be challenging.
“The proposed acquisition will enable the group to establish an additional source of recurring income..."
The group said it expects the local property market to remain lacklustre.
The REIT is open to opportunities and was even looking at assets in Sabah and Sarawak to add to its portfolio.
The group had acquired the property for investment in July 2001 for HK$24.55 million.
The group said the land was required for the routing of the 500kV power transmission by Tenaga Nasional Bhd.
The two consortiums appointed PDPs for KL-Singapore HSR civil works portion.
Ekovest shareholders, accounting for 69.2% of votes, had voted against the proposal at its extraordinary general meeting (EGM) here today.
The adoption of new technologies is a major driver in increasing the productivity of the construction sector.