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Hap Seng to dispose of land in Tawau for RM27.14m

KUALA LUMPUR (June 13): Hap Seng Consolidated Bhd (HSCB) has proposed to dispose of its remaining parcels of leasehold land in Tawau, Sabah to Goldcoin Ventures Sdn Bhd for RM27.14 million.

Its wholly-owned subsidiary, Hap Seng Properties Development Sdn Bhd, has entered into a sale and purchase agreement to dispose of the land to Goldcoin Ventures, a unit of Akal Megah Sdn Bhd, which in turn is wholly-owned by Hong Kong-based Lei Shing Hong Ltd.

"The proposed disposal is expected to give rise to a net gain of approximately RM20.26 million to HSCB group,” the company said in a filing with Bursa Malaysia.

HSCB said the disposal was in line with the group’s strategy in disposing of parcels of land located in non-strategic locations without immediate development potential.

The proceeds will be used to reduce bank borrowings and/or to contribute to the working capital of the group, it added.

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