MPCorp signs MoU to sell rest of Wisma MPL for RM250mil

KUALA LUMPUR: Malaysia Pacific Corp Bhd (MPCorp) has entered into a memorandum of understanding (MoU) to sell part of Wisma MPL in Kuala Lumpur (excluding units previously sold) to Terra Pontus Pte Ltd for RM250mil in cash.

The property developer which has a Practice Note 17 status told Bursa Malaysia on Thursday that the parties had agreed to negotiate in good faith the terms of a definitive sale and purchase agreement for the proposed disposal within two months or such other dates as the parties might agree in writing, failing which, the MoU would cease to have any further effect.

Terra Pontus is an investment holding company incorporated in Singapore which is principally involved in property investment and private equity.

Wisma MPL at Jalan Raja Chulan is a 23-storey office complex, comprising a 19-storey office tower over a four-storey retail podium block, together with a two-level basement car park,

In its latest annual report, MPCorp had said it was actively identifying prospective investors for the disposal of the company’s investment property (Wisma MPL) and/or the landed properties situated in Mukim of Plentong, Johor, as a long-term solution to address the default in repayment of outstanding banking facilities to RHB Bank Bhd and the company’s financial condition.

In a separate announcement to the exchange, MPCorp said it had submitted an application for a further time extension up to April 15, 2017, to submit the regularisation plan to Bursa Malaysia Securities and up to Feb 28, 2017, to make the requisite announcement.