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Friday, June 10, 2011

Olympia Industries sells JB land for RM80m to pare debts (Edge)

OLYMPIA INDUSTRIES BHD [] is disposing of 15.25 ha of freehold land in Johor Bahru for RM80 million cash to Adawan Development Sdn Bhd in a move to reduce its debts.

It said on Friday, June 10 the piece of land was acquired in December 1989 and is an unconverted development land zoned for residential and commercial use. It is about 5km north-east of the Johor Baru city centre.

“The land is one of several earmarked assets which have been identified as a significant divestment asset subsequent to the implementation of Olympia Industries’ restructuring scheme to meet its obligations under the said scheme,” it said.

The company said the proposed disposal was to comply with the terms of the restructuring scheme, specifically to substantially reduce the debts owing to the primary holders of 2007/2013 six-year irredeemable convertible bonds which were the original lenders under the scheme.

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