Ardent Heights enters into deal to buy Limitless Holdings' entire stake in Haute Property.
Malaysian property developer Bandar Raya Developments said its subsidiary has bought 60 percent of a building company from a unit of state-owned conglomerate Dubai World.
Bandar Raya's subsidiary Ardent Heights has entered into a deal to buy Limitless Holdings' entire stake in Haute Property for a nominal sum of 1 ringgit ($0.313), the Malaysian firm told the stock exchange.
Ardent will pay Limitless 75 million ringgit which Limitless had advanced to Haute towards partial payment by Haute for the development rights of a building project in Malaysia's southern Johor state.
Ardent will also pay Limitless one million ringgit to settle about 10 million ringgit advanced by Limitless to Haute to meet Haute's operating and development expenses for the project, Bandar Raya said.
Malaysian builder UEM Land owns the remaining 40 percent in Haute.
Dubai sent global markets into turmoil at the end of last year when Dubai World asked creditors for a standstill on debt mainly linked to its two property firms Limitless World and Nakheel, builder of the Gulf state's eye-catching palm-shaped islands.
Dubai had said on July 3 a committee overseeing Dubai World, which is in a deal with core lenders to restructure $23.5 billion in debt, had handed responsibility of property unit Limitless to Nakheel. ($1=3.198 Malaysian Ringgit) (Reuters)