Damansara Realty sells 70% stake in HTS for RM11m

By TMR

Damansara Realty Bhd shareholders have approved the sale of the company’s 70% stake in Healthcare Technical Services Sdn Bhd (HTS) to Damansara Assets Sdn Bhd for a total consideration of RM11.04 million.

In an exchange filing to Bursa Malaysia last week, Damansara Realty said the exercise will enable it to take a strategic step towards optimising and restructuring its resources and offerings, after the transformation in stream-lining its core businesses.

“We are pleased with the successful conclusion of this transaction which accelerates the reinvestment in our business.

“Damansara Realty will continue to grow its project management consultancy (PMC) segment by broadening its offerings in project management service.

“We are looking to expand to other sectors such as property development, transportation, and oil and gas,” Damansara Realty group MD Brian Iskandar Zulkarim said in a statement.

In line with its growth plan in the PMC segment, Damansara Realty will now continue as the master planner for the Gerehu General Hospital, Port Moresby, Papua New Guinea, with an estimated gross development value of RM1 billion, as well as collaborating with Axventure Sdn Bhd in developing a hospital for Universiti Teknologi MARA in Puncak Alam, Selangor. — TMR