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.
Malaysia's Protasco Indonesian venture into oil & gas fell apart-The Edge
Protasco Bhd has called off its venture into the onshore marginal oilfield development in Indonesia - one of the factors that had previously helped to fuel the company's share price rally.
The company announced to Bursa Malaysia yesterday that its amended sale and purchase agreement (SPA) to acquire a 63 percent stake in Indonesia-based oil and gas company PT Anglo Slavic Indonesia (ASI) from PT Anglo Slavic Utama (ASU) had lapsed.
In the announcement, Protasco said the agreement had lapsed on July 28 as the conditions laid out in the agreement had not been fulfilled by PT ASU and the security provider within the conditional period of six months.
Protasco disclosed that it was in discussion with PT ASU for the purchase price to be returned through, among others, cash and disposal of the secured shares in accordance with the terms of the restated SPA.
French embassy land for sale in Malaysia-The Star
NOTE: Reuters has not verified this story and does not vouch for its accuracy.
($1 = 3.1990 Malaysian Ringgit)