Mara sells off one property in Australia

The move was to facilitate the settlement of debts which had incurred when the purchase was made not too long ago, said Mara chairman, Tan Sri Annuar Musa.

“We need to manage our assets in Australia. I would like to inform that we have recently decided to sell off a property as I want them to settle their debts (with the bank), as the debt ratio is high and the purchase of a building in Australia was sealed through an Australian bank loan,” said Annuar at press conference after the launch of Wacana Korporat: Gagasan Menjunjung Amanah Rakyat here today.

He explained that the sale of the asset was made through an open tender.

“I don’t want Mara to remain with high ratio of debt by selling one-quarter of our assets in Australia.

“The sale of the property was made via an open tender and managed by an international firm several months ago. We used the money from the sale to pay off the debts at two Australian banks,” he said.

Annuar however remained tight-lipped about the amount of the sale, as he said the matter must be referred to several quarters.

At the same time, Annuar said, the sale of the assets and the probe into the purchase by the Malaysia Anti-Corruption Commission (MACC) about purchase of assets are two isolated issues.

To date, Mara owns four luxurious properties in Australia including Mara 7-13 Dudley Street, Caulfield East, Melbourne; 333 Exhibition Street, Melbourne; 51 Queen Street, Melbourne dan 746 Swanston Street, Carlton, Melbourne.