In a filing with Bursa Malaysia on Friday, June 25, the company said that the land in Batang Berjuntai measures approximately 97.58 acres, while the land in Setapak is about 118,451 sq ft, each being dispose for a price of RM19 million and RM6.1 million.
It said that the freehold land in Batang Berjuntai has been approved for industrial development, while the freehold land in Setapak is currently vacant and held for development.
The sale price of the proposed disposal for both lands was arrived at on a willing-buyer and willing-seller basis after taking into consideration the market valuation, with the estimated time frame to the completion of the proposed disposal is within nine months.
Gula Perak said it intends to utilise the proceeds from the proposed disposal for the repayment or redemption of the outstanding Redeemable Secured Notes 2003/2008 (RSN), which expired on April 22, 2008.
“The proposed disposals do not have any effect on the earnings of the company,” it added.
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