Aspen (Group) to Dispose of 40% Stake in Malaysian Development
MT Newswires
Jun 22
Aspen (Group) (SGX:1F3) agreed to divest a 40% stake in the Tanjun Bungah Development in Malaysia to joint venture partner, Kerjaya Prospek Ventures, for 80 ringgit, according to a Friday filing with the Singapore Exchange.
The agreement for the share disposal also includes a recovery of 60 million ringgit in shareholder loans owed by the JV company to the subsidiary, AspenVision Tanjung.
The pre-development project in Penang is yet to break ground, with the property developer exiting the business due to challenging macroeconomic conditions that have impacted construction costs and project margins.
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