Selangor Properties up 8% on news of land disposal

KUALA LUMPUR, (Oct 1): Selangor Properties Bhd rose as much as 8% in the morning trades today on the back of news that it had completed the disposal of a plot of land for RM450 million cash.

At 12.26pm, shares of Selangor Properties were up 24 sen or 5.17% at RM4.88 with 52,000 shares changing hands giving it a market capitalisation of RM1.59 billion.

According to an announcement with Bursa Malaysia yesterday, Selangor Properties said it has completed the disposal of a parcel of freehold land, measuring 25,686 sq m, in lot 56495, Kuala Lumpur.

To recap, Selangor Properties announced to Bursa Malaysia last year that its wholly-owned subsidiaries, Bungsar Hill Holdings Sdn Bhd, Oriseven Sdn Bhd, Orieight Sdn Bhd and Orinine Sdn Bhd, signed the sale and purchase agreement with Jendela Mayang Sdn Bhd, for the disposal of a piece of land measuring 25,686 sq m in Pusat Bandar Damansara for RM450 million cash.

The proposed sale of the land was first announced back in March 3, 2014.

Selangor Properties then said that it would utilise RM237 million from the proceeds to pare down its borrowings, and the rest for working capital/acquisitions.