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MALAYSIA PRESS-Malaysia's state agency Mara aims $312 mln property investments abroad-The Malaysian Reserve
August 6, 2014 / 1:10 AM / 3 years ago

MALAYSIA PRESS-Malaysia's state agency Mara aims $312 mln property investments abroad-The Malaysian Reserve

KUALA LUMPUR, August 6(Reuters) -

Majlis Amanah Rakyat Malaysia (Mara), a state agency, is targeting to expand its property investment overseas to 1 billion ringgit ($312.55 million) worth of assets, from its current investment of 600 million ringgit ($187.56 million), over the next two to three years.

”We are looking at future prospects in expanding our hospitality investments in the future. So far, we have purchased a hotel and serviced apartments in London, besides a few hostels in Australia.

“However, we are planning to increase our property investment asset value to 1 billion ringgit within the next two to three years and hopefully develop our very own hotel chain,” Mara chairman Annuar Musa told reporters.

The investments overseas will be done via its asset management firm Mara Inc Sdn Bhd and will be funded mainly by the corporation’s internally generated funds.

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NOTE: Reuters has not verified this story and does not vouch for its accuracy.

$1 = 3.1990 Malaysian Ringgit

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