Malaysian Resources Corp Bhd is divesting its 30 percent stake in the concessionaire of Duta-Ulu Kelang Expressway (DUKE) to Ekovest Bhd for 230 million ringgit ($69.19 million) in a cash deal, sources said.
The deal is expected to be completed by the end of this month. Sources said Malaysian Resources Corp held its board meeting on Tuesday and approved the sale of Duke.
These are among some of the few "monetising" deals by Malaysian Resources Corp that will take place over the next couple of weeks.
These deals will not only pare down the company's debt but create recurring income, in line with the direction taken by Malaysian Resources Corp group managing director Mohamad Salim Fateh Din after he took control of Malaysian Resources Corp.-The Star
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NOTE: Reuters has not verified this story and does not vouch for its accuracy.
($1 = 3.3240 Malaysian ringgit)