Amcorp Prop to net RM27.23m from N9 land sale

KUALA LUMPUR (Oct 24): Amcorp Properties Bhd (Amcorp Prop) expects to make a one-time gain of RM27.23 million from selling a 156-acre vacant land in Seremban, Negeri Sembilan for RM46.27 million to Sepang Cemerlang Sdn Bhd.

In a statement to Bursa Malaysia today, the company said the price tag for the 632,088 sq m freehold land was arrived at after negotiations, taking into consideration the land's net book value of RM19 million as at end-March 2012. No independent valuation on the land was carried out.

Amcorp Prop bought the land, located within the Pajam-Nilai main trunk road and near the Batang Benar KTM commuter train station, on November 10, 2003 for RM21.94 million.

Proceeds will be used for working capital and future investment opportunities, it said.

The disposal, expected to be completed by the second quarter of 2013, will increase its net asset per share by about 5 sen to RM1.23.

AmCorp Prop fell half a sen or 0.99% to 50 sen today with 152,600 shares done.