Asian Pac unit disposing land for RM49.11m

KUALA LUMPUR: Asian Pac Holdings Bhd's unit Safe Valley Sdn Bhd is disposing four pieces of freehold land in Setapak measuring about 8.7 million acres to Axis Milestone Sdn Bhd for RM49.11 million cash.

In a filing to Bursa Malaysia on Monday, Dec 27, Asian Pac said the lands were acquired in September 2007 at a cost of about RM22.06 million.

It said the proposed disposal consideration exceeded its carrying value of the lands by about RM19.94 million, and that the gain on disposal was approximately two sen per share for the financial year ending March 2012.

"The proceeds arising from the proposed disposal is expected to be utilised for repayment of the group's borrowings and working capital.

"Accordingly, the proceeds will be used towards parrying down gearing and working capital of the other development projects within the group," it said.
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