Atlan Holdings shareholders approve Penang land sale for RM145m

KUALA LUMPUR: Shareholders of Atlan Holdings Bhd have approved of the disposal of seven tracts of freehold land measuring a total 61.03 acres in Penang to Utara Malaya Realty Sdn Bhd for RM145 million cash.

In a filing to Bursa Malaysia on Wednesday, Mar 16, the group said its shareholders had given the green light for the transaction at an extraordinary general meeting on Mar 1.

To recap, Atlan Holdings's units Blossom Time Sdn Bhd and Radiant Ranch Sdn Bhd had entered into seperate sale and purchase agreements (SPAs) with Utara Malaya Realty on Nov 19, 2010.

Some of the parcels contain residential developments, including The Residences@Feringghi Park and Tropika Feringghi.