Talam Transform Berhad announced that its wholly-owned subsidiary had entered into a sale and purchase agreement with Ever Mark (M) Sdn Bhd a wholly-owned subsidiary of IJM Properties Sdn Bhd for the disposal of a piece of commercial land measuring 27.72 acres located in Putra Perdana for a disposal consideration consisting of RM66 million.
The deal will be by way of setting off a sum of RM66 million of the indebtedness, RM18,000,000 million interest waiver on the indebtedness owed by TTB Group to IJMP and variable entitlement of the 30% of profit after tax of the project where RM10 million will be payable over 24 months installment commencing from first sales launch of the project, subject to the terms and conditions of the SPA.
The group said the proposed joint Venture is expected to generate an immediate sum of RM84 million which it said will enable it to reduce its indebtedness to IJMP Group; and an estimated cash inflow of approximately RM10,000,000 over a 24-month period which will provide it with additional working capital for the Group's operations.
