Thursday, 29 Apr 2010

KUALA LUMPUR, April 28 (Bernama) -– Prokhas Sdn Bhd has collected RM2.92 billion cash on behalf of Danaharta Nasional Bhd, and it expects to collect another RM650 million by end of 2011.

"The goal here is to convert all residual assets into cash and to maximise recovery as much as possible," says Prokhas’ Managing Director Fazlur Rahman Ebrahim.

"We hope to realise RM3.57 billion in cash collection by end of 2011," he said in a statement issued by Prokhas.

Prokhas, a wholly owned company of Minister of Finance Incorporated established in January 2006, took over the management of all Danaharta’s residual assets and continued with the tender exercises that the former asset management company carried out during its lifespan.

Its Head of Property Department, Muhammad Solleh Ramli said that an ongoing tender process or from April 5 to May 4 has seen more than 350 tender packages sold to potential buyers and real estate agents so far.

The tender exercise by Prokhas involves 114 properties including residential, retail, office, industrial, development, agricultural and commercial types of properties at very reasonable prices.

Apart from the tender exercise, Prokhas’ structured sale also included three auction exercises held in Kuala Lumpur, Penang and Johor Bahru.

The auction in Penang was very successful where 17 out of 19 properties were successfully sold to successful bidders.

Muhammad Solleh said although the auction in Johor did not receive as good a response, with many properties still unsold, Prokhas would tender out the unsold properties in its next sale.

Based on the number of tender packages for the development properties sold, he said there hasbeen significant response from property players compared with individual investors.

"We still have few days more before we conclude the first exercise. Interested buyers are most welcome to purchase the tender packages from our office or from our 232 real estate agents nationwide,” Muhammad Solleh said.

For more details on the properties and the list of real estate agents, potential buyers can log into its website at www.prokhas.com.my or call 03-20965116/5113/5115. – BERNAMA