Loss-making Thriven Global to raise RM22 mil via land sale

• The original cost of investment for the four plots in 2002 was RM996,774, and the disposal will give rise to a gain of RM12.72 million, the group said  in a stock exchange filing on Wednesday.

KUALA LUMPUR (March 6): Loss-making property developer Thriven Global Bhd is selling four plots of freehold land collectively measuring 50,454 sq m or 12.47 acres in Kulim, Kedah, to raise some RM22 million.

The original cost of investment for the four plots in 2002 was RM996,774, and the disposal will give rise to a gain of RM12.72 million, the group said  in a stock exchange filing on Wednesday.

The buyer is Resource Star Sdn Bhd, which is wholly-owned by Chai Mooi Chong. Chai is the majority shareholder and director of Aroma Development Sdn Bhd, a property developer with projects in Penang and Kedah, said Thriven.

The group said the disposal, which is expected to be completed within 18 months, allows it to monetise its landbank.

The proceeds raised from the monetisation will be used to redeem the properties from the existing chargees, with the remaining cash to be used as working capital within 12 months, it added.

Shares of Thriven closed unchanged at 10.5 sen on Wednesday, giving the group a market capitalisation of RM57.43 million.

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