News Malaysiakini

'PDC made RM140m profit from shares sale to develop Pulau Jerejak'

Malaysiakini  |  Published:  |  Modified:

State government agency Penang Development Corporation (PDC) made a profit of RM140.6 million after selling its 49 percent shares in Tropical Island Resort Sdn Bhd (TIRSB).

TIRSB is a joint venture between UDA Holdings (51 percent) and Ideal Property (49 percent) to redevelop Pulau Jerejak.

PDC sold its shares for RM156 million to Ideal Property Development Sdn Bhd (Ideal), said its general manager Rosli Jaafar.

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