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Boustead disposes of Johor land for RM3.96m

KUALA LUMPUR: Boustead Holdings Bhd, via its wholly-owned subsidiary Mutiara Rini Sdn Bhd (MRSB), entered into a sales and purchase agreement to dispose one acre of leasehold commercial land in Johor for RM3.96 million to Boustead Petroleum Marketing Sdn Bhd, the group announced on Wednesday, Dec 1.

The group stated that the disposal is part of the ordinary course of business. The land is vacant, and still has 991 years on its lease, which expires in 2911.

Since the disposal does not exceed the 5% percentage ratio the disposal does not require prior approval of shareholders of the company or any other authority, the group said.

Boustead engages in investment holding and oil palm cultivation. MRSB is the developer of 1,400 acre Taman Mutiara Rini in Johor and 350 acre Mutiara Damansara in Selangor; both are mixed-developments.
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