Thriven Global to receive all the proceeds from land sale

PETALING JAYA: Thriven Global Bhd, which came under fire for offloading prime land in Bukit Tunku, Kuala Lumpur, at a loss, said it will receive the entire net disposal sum of RM19.85 million for the deal, due to a RM27 million advance it had provided to Mulpha Argyle Property Sdn Bhd (MAPSB) to service interest on its loans.
This net disposal sum was derived after deducting the repayment of the outstanding principal payable to the lenders of RM7.12 million as at March 31, 2017.
Thriven explained in a filing with the stock exchange that it was the only shareholder who advanced the RM27 million MAPSB had needed to service interest and pay for loans taken since 2010.
Thriven holds a 51% stake in MAPSB while Modern State Management Limited owns a 39% interest and Liberty Partner Ltd a 10% stake.
Thriven said it plans to now takeover the remaining interest in MAPSB.
The announcement comes days after the land disposal last week, which will result in a net loss of about RM11.41 million for MAPSB.
The original cost of the investment for the land was RM30.75 million, with a net book value of RM38.38 million as at Dec 31, 2016.