Mara sells one of its properties in Australia

KUALA LUMPUR (Jan 10): Majlis Amanah Rakyat (Mara) has sold off one of its four properties in Australia to pay back loans in the country.

Its chairman, Tan Sri Annuar Musa said the sale was carried out through an open tender which was managed by an international firm, Bernama reported yesterday.

"With money from the sale, we will pay back loans borrowed from two banks in Australia," Bernama reported him telling reporters after attending the Corporate Discourse: Ideas on Upholding Amanah Rakyat event here yesterday.

Later, in a media conference at the Mara headquarters today, Annuar clarified that the property was sold at a profit.

"The property was sold for a profit — higher than the purchase price of A$21 million (RM69 million)," malaysiakini reported him as saying.

Annuar also said Mara Inc plans to keep the remaining three properties in Australia, which have a combined value of almost RM300 million, The Star daily reported.

He said the Melbourne properties are being rented out to Melbourne University's staff, students and other tenants.