Ivory - abandoned Plaza Rakyat

Its 65% unit is buying the property assets of the abandoned Plaza Rakyat project in KL for rm400 million cash or about rm603 psf.

It intends to revise the development plans of the project, which encompasses a comprehensive and integrated residential, commercial and transportation hub.

As the expected completion date of the proposed acquisition will be in the first half of 204, it is expected that there will not be any material effect on the earnings of the group for the financial year ending 31 Dec 2013.

However the interest expense in relation to the borrowings to fund the acquisitions may lead to a decrease in the earnings and the EPS of the group for the financial year ending 31 Dec 2014.