Selangor Dredging jumps 15.62% on plan to sell office building

KUALA LUMPUR (June 21): Shares in Selangor Dredging Bhd jumped 15.62% in early trade this morning after the company said it is selling Wisma Selangor Dredging along with the land on Jalan Ampang for RM480 million cash to Golden Eagle Realty Sdn Bhd, for which it is expected to gain RM146.8 million at the group level.

At 9.02am, Selangor Dredging rose 15 sen to RM1.11 wih 264,400 shares traded.

The property developer said the disposal would allow it unlock its investment and generate immediate cash flow, which can be used to repay bank borrowings. — theedgemarkets.com

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