Protasco sells three plots of land in Johor to NSK for RM17m

KUALA LUMPUR (July 14): Protasco Bhd is disposing of three plots of commercial land in Johor to NSK Property Sdn Bhd, for RM16.72 million in cash, with proceeds to be used to pare down its existing term loan and generate additional cash flow.

The plots measure about 2.68ha in total, Protasco said in a stock exchange filing yesterday. Its wholly-owned Sun Rock Development Sdn Bhd had inked a sale and purchase agreement with NSK Property for the sale.

Protasco said the disposal price was calculated at RM57.9 per square foot and it is considered to be a fair price given the current market conditions and the limited demand at the locality. The disposal would give it a one-off gain of some RM3.07 million.

Protasco shares closed one sen or 4.08% lower at 23.5 sen yesterday, giving it a market capitalisation of RM113.21 million.

The group's share price has almost doubled from its recent low of 12 sen on March 19. On a year-to-date basis, it is down 41%.

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