MK Land disposes leasehold lands for RM50.7 mln

KUALA LUMPUR: MK Land Holdings Bhd, through its wholly owned subsidiary Medan Prestasi Sdn Bhd, sold 33.28 acres of leasehold lands for a sum of RM50.7 million to Pembinaan Tegas Megah Sdn Bhd, the Group announced on Bursa Malaysia on Monday, June 28.

The land comprises two leasehold parcels located in the Ulu Kelang region. The first measures 31.96 acres, which has a total consideration of RM48.7 million, and the second measures 1.32 acres, and has a total consideration of RM2 million.

The reason for the sale was to unlock the value of the lands, which MK Land has no immediate plan to develop, the company said in its filing. 

The sale would improve the earnings of the Group for the financial year ending June 30, 2010.

The Group is an investment holding company with primary activities in development, management, rental, and investment of properties in Malaysia.

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