Guocoland to dispose of land in Melaka for RM19 mil

• The disposal of the freehold land, measuring 32.14 hectares, will enable the group to realise its investment in the property and to focus on the core business of property development, Guocoland said in a filing with Bursa Malaysia.

KUALA LUMPUR (April 27): Guocoland (Malaysia) Bhd has proposed to dispose of a parcel of land in Jasin, Melaka for RM19.02 million and use the proceeds for its general working capital.

The disposal of the freehold land, measuring 32.14 hectares, will enable the group to realise its investment in the property and to focus on the core business of property development, Guocoland said in a filing with Bursa Malaysia.

Upon completion of the disposal, the property arm of Hong Leong Group expects to realise an estimated net gain on disposal of RM6.5 million.

Guocoland said its 68%-owned indirect subsidiary, GLM Emerald Industrial Park (Jasin) Sdn Bhd (GLM EIPJ), is the beneficial owner of the land, while the registered owner is IOI Corporation Bhd.

GLM EIPJ had acquired the land from IOI in 1986, and IOI then granted a power of attorney in favour of GLM EIPJ.

GLM EIPJ has now proposed to sell the land to Subrayan Sellapan, Lila @ Linda Sinasamy and Sreetharan Muthusam.

The group expects the disposal to be completed in the first half of 2023.

Guocoland's share price finished half a sen or 0.75% lower at 66 sen on Thursday (April 27), bringing the group a market capitalisation of RM462 million.