Ivory Group disposes entire 49pc stake in AVL
Date：2015/01/23
![]()
KUALA LUMPUR: Ivory Properties Group Bhd (Ivory) has entered into a sale and purchase agreement with Aspen Vision Development Sdn Bhd to dispose off its entire 49 per cent stake in Aspen Vision Land Sdn Bhd (AVL) for RM55 million.
In a filing to Bursa Malaysia, Ivory said the divestment would comprise 1.96 million ordinary shares of RM1 each and 177,380 Redeemable Preference Shares (RPS) of RM1.00 each at an issue price of RM100.00 per RPS.
“The divestment will enable the group to unlock the value of its investment immediately as management opted to focus on projects located on the island of Penang and other states that can generate returns over a shorter gestation period,” it said.
Payment for the disposal price would be satisfied in three instalments.
Ivory said half of the payment would be paid upon the execution of the agreement accounting for RM27.5 million, another RM10 million within 45 days from the date of the agreement and the balance RM17.5 million would be paid within 12 months commencing from the date of this agreement. – Bernama