Company sold for RM50,000 - The Star

Brisdale Holdings Berhad, a subsidiary of state-owned company Kumpula Hartanah Sdn Bhd has been sold for just RM50,000 and this this was enough for the Selangor state government to conduct an investigation.

In a research carried out by assemblyman Hannah Yeoh (Pakatan - Subang Jaya), Brisdale Holdings Berhad was sold to GMB Construction Sdn Bhd in a sales agreement that was concluded on August 10, 2007.

Yeoh said the sale was a public knowledge as it was announced at the Kuala Lumpur Stock Exchange (KLSE) and was also published in Kumpulan Hartanah's 2006 report.

“Kumpulan Hartanah had sold its subsidiary Brisdale through SAP Holdings Berhad (which is also part of Kumpulan Hartanah) to GMB Construction,” said Yeoh.

“Usually the shareholders' agreement is needed for a sale like this, but because the company was sold for less than RM250,000, no such agreement was needed.”

[More at http://thestar.com.my/metro/story.asp?file=/2008/5/27/central/21366948&sec=central]