HLB sells building to HLA for RM220mil

PETALING JAYA: Hong Leong Bank Bhd (HLB) is disposing of a freehold, 27-storey office building in Jalan Raja Laut, Kuala Lumpur, to Hong Leong Assurance Bhd (HLA) for RM220mil.

In a filing with Bursa Malaysia, HLB said under the terms, HLA had paid RM22mil as deposit and the balance RM198mil would be paid within 90 days of the date on which the last of the conditions precedent had been fulfilled or waived.

HLB said the property formed part of the assets and liabilities of the former EON Bank Bhd, which were vested in HLB on July 1, 2011 following the takeover of EON Bank.

HLB said it had plans to consolidate its personnel located in Menara Raja Laut with those located in other premises.

It added that the disposal would realise its investment in property.