Jaks Resources disposes of industrial land for RM25.87m
KUALA LUMPUR (Oct 3): Jaks Resources Bhd is disposing of a plot of freehold industrial land in Subang Jaya for RM25.87 million.
In a filing with Bursa Malaysia, Jaks Resources said the 1.214ha land, which houses a one-storey factory, within the Sungai Penaga Industrial Park, was sold to Hectare Square Sdn Bhd.
The group said the disposal will result in a gain of RM13.38 million, after taking into account the estimated incidental expenses. It also expects its earnings per share to increase from 0.18 sen to 23.07 sen.
The sale consideration for the properties was arrived at on a ‘willing buyer, willing seller’ basis and on ‘as-is-where-is’, said the group. It had originally invested in the land on May 21, 2004 for RM7.31 million.
According to the group, the proceeds arising from the sale will be utilised to repay bank borrowings.
Shares in Jaks Resources closed unchanged at RM1.28 yesterday, valuing the group at RM612.45 million. — theedgemarkets.com
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