KUALA LUMPUR (Nov 7): Country Heights Holdings Bhd has proposed to sell a piece of vacant land in Kuala Lumpur for RM54.25 million to former investment banker Siva Kumar M Jeyapalan.
The land, located in the mukim of Batu, is held by Country Heights’ wholly-owned subsidiary Mega Palm Sdn Bhd.
“The proceeds from the proposed disposal would provide future cash flows for the group’s working capital purpose and repayment of borrowings,” the group said in a filing yesterday.
Siva Kumar was previously reported to be a substantial shareholder in a number of companies, including Masterskill Education Group Bhd and MTD Capital Bhd.
Country Heights said the disposal is expected to result in a gain of RM11.9 million for the group, after taking into consideration the property’s audited net book value.
The group’s net asset per share will increase to RM3.21 from RM3.17 previously, after the sale, it added.
The group expects the disposal to be completed by Feb 6, 2020.
Country Heights’ share price closed unchanged at RM1.39 yesterday, giving it a market capitalisation of RM383.23 million.
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