PETALING JAYA: Ecobuilt Holdings Bhd
has disposed of a 3.31% stake in Titijaya Land Bhd for RM9.21mil in cash as part of efforts to strengthen its cash flow and reduce investment exposure.
In a filing with Bursa Malaysia yesterday, the group said its wholly owned subsidiary, Rexallent Construction Sdn Bhd, sold an aggregate 43.85 million ordinary shares in Titijaya Land.
The disposal consideration was based on the prevailing market price at the point of sale.
Titijaya Land is principally involved in investment holding, while its subsidiaries are engaged in property development, hotel operations, construction, property investment, money lending and management services.
Ecobuilt said proceeds from the disposal will be used for the group’s working capital needs, including expenses related to its scheme of arrangement, operational expenditures, repayment obligations and other general corporate purposes.
