Malaysia Pacific Corporation Berhad

Media Release

MPCorp may sell Wisma MPL
Starbiz, Tuesday 6 November 2007

Kuala Lumpur : Malaysia Pacific Corp Bhd. Is considering selling its building, Wisma MPC in Jalan Raja Chulan here as part of efforts to drive earning for the current financial year end June 30, 2008.

President and chief executive officer Bill Ch'ng said the company, formerly known as Malaysia Pacific Land Bhd, had already received offers from four local and overseas parties interested to buy the building.

“We are considering either selling the entire building or looking for a joint venture through 50:50 or 70:30. We don't mind becoming a minority (shareholder of the building),” he told reporters on the sidelines of a one-day conference on the Iskandar Development Region (IDR) after presenting a paper on IDR and the Property Market Outlook and Prospects here yesterday.

“Our target (for the proposed building sale) is about RM250mil, but some people said it should be worth about RM300mil. We will accept the one offering the highest price,” Ch'ng said.

The proposed building sale is expected to be completed before year-end.

Ch'ng said the company was currently waiting for the Tourism Ministry approval for its proposed development of the “ Heritage Village ”, located near Pasir Gudang, Johor.

Ch'ng who was appointed to his post in early 2005, also said he planned to increase his stake in the company. He is the company's major shareholder with a 48.4% stake. – Bernama.

© 2008 Malaysia Pacific Corporation Berhad. All Rights Reserved.