Originally published Sunday, July 11, 2010 at 2:52 AM
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Dubai World property arm sells off Malaysia stake
A property arm of struggling state conglomerate Dubai World is backing out of a plan to build luxury homes in Malaysia as it looks to shore up its finances.
The Associated Press
DUBAI, United Arab Emirates —
A property arm of struggling state conglomerate Dubai World is backing out of a plan to build luxury homes in Malaysia as it looks to shore up its finances.
The cash-strapped company's Limitless division is selling off its stake in a partnership with Malaysia's Bandar Raya Developments to develop waterfront land in the southern city of Nusajaya.
Limitless will generate about $23.8 million in the deal, according to a regulatory filing on Malaysia's stock exchange.
Limitless said in a statement Sunday that it continues "to review our business activity to reflect market conditions."
The company's parent Dubai World needs cash as it works to pay back $23.5 billion in debt.
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