JKG sells seven apartment units to related parties for RM4.92 mil

KUALA LUMPUR (June 5): JKG Land Bhd, formerly known as Keladi Maju Bhd, has sold seven units of serviced apartments in The ERA @ Duta North project to related parties for a total of RM4.92 million.

JKG said two units of the apartments were sold to Datuk Seri Tan Han Chuan for RM1.5 million and one to Datin Tan Ching Ching for RM873,000. They are both children of the group's chairman and major shareholder Tan Sri Tan Hua Choon.

Another unit was sold to Han Chuan's wife Datin Seri Chan Wan Moi for RM662,700.

Executive deputy chairman Datuk Chuah Chin Ah, meanwhile, bought three units for RM1.88 million.

JKG, in a filing today, said the sales will form part of the revenue and profit margin for The ERA, while the proceeds will provide cash flow to the group.

"The transactions are a reflection of the confidence in and commitment to the JKG's own property project by directors and major shareholder of JKG and its subsidiaries," the property developer said.

JKG's shares rose 0.5 sen or 4.5% to close at 11.5 sen today, for a market capitalisation of RM261.62 million. — theedgemarkets.com

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