Wednesday, October 29, 2014

Tadmax ... Important Deal Completed By Oct 31 2014 !!

Tadmax Resources Bhd hopes to conclude the planned sale of its wholly-owned subsidiary Tadmax Power Sdn Bhd to 1Malaysia Development Bhd (1MDB) for RM317.3 million cash “as soon as possible

Taxmax Power is the owner of approximately 124ha (310 acres) of leasehold land in Pulau Indah in Klang, Selangor. Both Tadmax Resources and 1MDB had entered into a share sale agreement on February 20 2014.

The deal might be concluded by this October 31 2014.

This deal is deemed crucial for Tadmax Resources as it would enable the group to pare borrowings, and strengthen cash reserves for future acquisitions. These potential acquisitions include land bank for property development.

The key focus of Tadmax Resources moving forward was in property development.

For the six months ended June 30, 2014, Tadmax Resources narrowed its net loss to RM8.5 million from a RM26.5 million net loss a year earlier. Revenue came in at RM11.6 million compared with RM124,000 previously.

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