Damansara Realty sells shop-office in JB to major shareholder

KUALA LUMPUR (March 29): Damansara Realty Bhd is disposing of a shop-office to one of its indirect major shareholders Datuk Daing A Malek Daing A Rahaman for RM2.64 million in cash.

In a filing with Bursa Malaysia yesterday, Damansara Realty said its wholly-owned subsidiary Damansara Realty (Johor) Sdn Bhd (DRJ) had entered into a sale and purchase agreement today with Malek for the purpose of the disposal.

The property is a 6,750 sq ft three-storey shop-office in Taman Damansara Aliff in Johor Bahru. The initial selling price was at RM3.3 million but was sold at a 20% discount to Malek.

"Discount on the sale of property given to the public is between the range of 10% up to 20%. Hence, the discount given to the related party is considered reasonable and on normal commercial terms which are not more favourable to the related party than those generally available to the public," Damansara Realty said.

It added that the disposal will not have any material effect on the earnings per share, gearing and net assets per share of the group for the financial year ending December 31, 2019.

Shares of Damansara Realty yesterday closed up 0.5 sen or 1.02% to 49.5 sen for a market capitalisation of RM157.59 million. — theedgemarkets.com

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