Compugates unit to dispose of Dengkil land for RM62.12m

KUALA LUMPUR (April 22): Compugates Holdings Bhd’s 70%-owned subsidiary, Compugates Development and Mining Sdn Bhd, plans to dispose of a piece of land in Dengkil, Selangor, to Bangsawan Bumimaju Sdn Bhd for RM62.12 million.

Based on its bourse filing yesterday, the 25.09ha land is designated for agricultural use, with a net book value of RM3.76 million as at Dec 31, 2015. Its market value stood at RM60 million, as appraised by Irhamy and Co Chartered Surveyors Sdn Bhd.

The parties will execute the sale and purchase agreement within 14 working days after the purchaser pays a deposit of 8% of the disposal price, amounting to RM4.97 million.

Compugates closed unchanged at 4.5 sen yesterday for a market capitalisation of RM96.04 million.

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This article first appeared in The Edge Financial Daily, on April 22, 2016. Subscribe to The Edge Financial Daily here.