Malaysia's state investor buys stake in PH developer


Posted at Apr 29 2014 10:05 AM | Updated as of Apr 29 2014 06:05 PM

KUALA LUMPUR - Malaysia's state investor Khazanah Nasional Bhd said it would buy an 8 percent stake in Philippine housing developer 8990 Holdings Inc, its first investment in the Philippines.

Khazanah will pay 215 million ringgit ($65 million) for the stake, it said in a statement.

8990 Holdings is a low-cost residential developer. Last February, it said it acquired a 13-hectare property in Pasig City for P2.2 billion.