KUALA LUMPUR (April 7): Majuperak Holdings Bhd is disposing of two plots of leasehold land measuring 664.78 acres in Kinta, Perak for RM17.72 million cash, the company announced yesterday.

The plots are being sold by Majuperak’s wholly-owned subsidiary, Syarikat Majuperak Bhd, via open tender to Wawasan Amanjaya Sdn Bhd, which will use it for an integrated farming project, Majuperak said.

The net book value of the asset is listed as RM81,817 as at Dec 31, 2016.

“The proposed disposal would give an opportunity to a bumiputra company to venture into integrated agricultural industry,” the company said.

The agricultural lands — part of 1,053 acres owned by currently owned by the Majuperak in Mukim Tanjong Tualang, Kinta, Perak — were acquired by the group for RM175,368 back in 1997, it said in a filing.

Majuperak said it will use proceeds from the sale for group working capital, it added, and to finance its various property development projects in Perak.

It expects to complete the disposal in six months.

Shares of Majuperak gained half a sen yesterday to close at 36.5 sen, giving it a market capitalisation of RM71.44 million. — theedgemarkets.com

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