Loss making Thriven picks up freehold land in Butterworth

The proposed acquisition marks the company’s extended effort to expand its business activities in the northern region

A SUBSIDIARY of loss-making property developer Thriven Global Bhd is picking up a freehold land designated for building serviced apartments in Butterworth, Penang, for RM21 million.

In an exchange filing yesterday, it said its subsidiary Bukit Punchor Development Sdn Bhd has entered into a sales and purchase agreement with Star Sanctuary Land Sdn Bhd for the land measuring approximately 4,700 sq m.

The land is located along Jalan Bagan Jermal in Bagan Jermal, Butterworth, and adjacent to Petronas Bagan Jermal, with the Bagan Ajam Toll Plaza located on the west side.

The settlement will include a contra payment of RM13.88 million for 12 units of service apartment and a small office home office unit in Lumi Tropicana in Petaling Jaya.

The proposed acquisition marks the company’s extended effort to expand its business activities in the northern region, the company said.

Thriven posted a net loss of RM7.44 million on the back of RM13.28 million in turnover for the first half of the year ended June 30, 2022. The property developer was in the red for the financial years 2020 and 2021. — TMR / Pic source thriven.com.my