Takaful Malaysia sells land, office for RM63m

SYARIKAT Takaful Malaysia Bhd (STMB) is selling land and an office building worth RM63 million to Export-Import Bank of Malaysia Bhd (Exim).
The properties involved in the proposed transaction are seven pieces of freehold land together with an 18 storey building, all located in Kuala Lumpur.
The transaction would result in a net gain of RM543,000 and would allow the company to focus on its principal activities of managing family and general takaful businesses, STMB said in a statement to Bursa Malaysia on Mar 24.
STMB entered into a conditional sale and purchase agreement with Asian Finance Bank Bhd (AFB) as the financier for EXIM for the transaction.
According to last week's filing, EXIM has obtained a Murabahah term financing-i facility of up to the maximum aggregate principal amount of RM55 million from AFB to finance their purchase of the property. STMB will dispose the said property to AFB, which would then dispose the property to EXIM, the end purchaser, under the Al-Murabahah concept facility.

(This story appeared in The Malaysian Reserve on Mar 30, 2009)