Business Times - 12 Jul 2010
Dubai World property arm sells off Malaysia stake
(DUBAI, United Arab Emirates) A property arm of struggling state conglomerate Dubai World is backing out of a plan to build luxury homes in Malaysia as it looks to shore up its finances.
The cash-strapped company's Limitless division is selling off its stake in a partnership with Malaysia's Bandar Raya Developments to develop waterfront land in the southern city of Nusajaya.
Limitless will generate about US$23.8 million in the deal, according to a regulatory filing on Malaysia's stock exchange. It said in a statement yesterday that it continues 'to review our business activity to reflect market conditions'. The company's parent Dubai World needs cash as it works to pay back US$23.5 billion in debt\. \-- AP
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
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