Malaysian group buys Dubai Limitless company stake

Malaysian property developer Bandar Raya Developments said its subsidiary has bought 60 per cent of a building company from Limitless, a unit of state-owned conglomerate Dubai World.

Bandar Raya's subsidiary Ardent Heights has entered into a deal to buy Limitless Holdings' entire stake in Haute Property for a nominal sum of 1 ringgit ($0.313), the Malaysian firm told the stock exchange.

Ardent will pay Limitless 75 million ringgit which Limitless had advanced to Haute towards partial payment by Haute for the development rights of a building project in Malaysia's southern Johor state.