Tuesday, Nov 27, 2007
KUALA LUMPUR (Dow Jones)--Malaysian property developer Mah Sing Group Bhd (8583.KU) Tuesday said it has sold two Kuala Lumpur office buildings to a Singapore-Kuwait joint venture company for MYR560.6 million.
It said it has sold The Icon Jalan Tun Razak and The Icon Mont Kiara to Prompt Symphony Sdn. Bhd., which is 80%-owned by Kuwait Finance House K.S.C. and 20%-owned by Singapore-based Autron Corp. (AAT.AU).
Mah Sing said following the sale of the two properties its unbilled sales have breached MYR1 billion.
Separately, Mah Sing said profit after tax and minority interest rose 36% on year in the third quarter to MYR22.7 million from MYR16.7 million because of an increase in property development projects.
For the nine months ended Sept. 30, profit after tax and minority interest rose 28% on year to MYR61.8 million from MYR48.2 million.
-By Benjamin Low; Dow Jones Newswires; (603) 2692 5254; benjamin.low@dowjones.com
(END) Dow Jones Newswires
27-11-07 0900GMT
