SBC Corporation sells 2.2-acre land for RM37 mil

• In a bourse filing, the group said the disposal of the land, located in Taman Mastiara, off Jalan Ipoh, presents an opportunity to generate cash flow for its development projects.

KUALA LUMPUR (Aug 16): SBC Corporation Bhad (KL:SBCCORP) said it is selling a 2.2-acre land in Kuala Lumpur for RM36.6 million.

In a bourse filing, the group said the disposal of the land, located in Taman Mastiara, off Jalan Ipoh, presents an opportunity to generate cash flow for its development projects.

The group is selling the land via its indirect wholly-owned subsidiary Kiara East Property Sdn Bhd to MEGX Holdings Sdn Bhd.

SBC Corporation expects to record a consolidated gain of  RM23.75 million from the disposal for its financial year ending March 31, 2025.

The land was bought in March 1999 and the original land cost was about RM3.37 million, it said.

Shares in SBC Corporation closed up one sen or 2.5% at 41 sen on Friday, giving it market capitalization of RM105.8 million.

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