PETALING JAYA: PRG Holdings Bhd
will recover its debt from Premier De Muara Sdn Bhd (PDM) in the form of 12 units of properties known as Picasso Residence in Kuala Lumpur.
In a filing with Bursa Malaysia, the property developer said its wholly-owned subsidiary, Premier Construction (International) Sdn Bhd, had entered into a settlement agreement with PDM for the partial settlement of total outstanding indebtedness amounting to RM37.17mil.
The 12 units will have an aggregate agreed settlement sum of RM13.73mil, while the remaining indebted sum of RM23.44mil will be satisfied through further negotiations or other means.
“The board has taken into consideration the location and attributes of the properties, which are situated in a strategic and high‑demand area with established infrastructure and amenities.
