LBS Bina sells entire stake in two units for RM1m

KUALA LUMPUR: LBS Bina Group Bhd has proposed to sell its entire stake in two companies for RM1 million, it announced to Bursa Malaysia on Thursday, Mar 17.

The group's units LBS Bina Holdings Sdn Bhd and Sinaran Restu Sdn Bhd had entered into two sale and purchase agreements (SPAs) with Tang Bak Thong and Tang Bak Eng for the sale of their entire interest in Tepukan Senja Sdn Bhd and Dolomite Sungai Siput Sdn Bhd.

Tepukan Senja holds a 21.22-acre tract in Kampar, Kinta in Perak and has been granted an exclusive right by the Perak government to develop the parcel into a housing scheme.

Meanwhile, Dolomite Sungai Siput owns a 12-acre parcel alienated by the Perak government which is also in Kinta.

The plot — which is along the main road from Kampar to Teluk Intan and is near major Chinese village Bemban Mewan — has also been approved for housing development.

The price was arrived at through negotiations on a "willing-buyer-willing-seller" basis after taking into consideration the value of the land parcels.

LBS Bina will use the proceeds from the sale to lower bank borrowings and as working capital.