Saturday, December 8, 2007

BVI-registered company, together with other 2 parties, emerged as the holder of 24.33% in Mutiara Goodyear

Weida (M) Bhd, Laman Arif Sdn Bhd and the British Virgin Islands registered Dickenscott Investment Ltd have become the holders of the substantial part of Mutiara Goodyear Development, - with a total 24.33% stake comprising 56.18 mln shares in Malaysian property developer. A week ago, Weida acquired 13 mln of Mutiara shares, or 5.63%; BVI-domiciled Dickenscott Investment Ltd purchased 23.18 mln shares, or 10.04%, and Laman Arif Sdn Bhd bought 20 mln shares, or 8.66% of the whole amount.

Mutiara is the owner of 735.6 acres of land in Seberang Prai Selatan valued at about RM240.8 million, about 95 acres in Gombak with a net value of close to RM100 million, and an office building in Petaling Jaya, Selangor, with a net value of RM32 million.

According to the fiscal results published by the end of July 2007, the company had about RM35 million in cash; it also had about RM124.8 million in long-term borrowings, and about RM97.2 million in current liabilities.