MK Land sells Sg Buloh land for RM130m

KUALA LUMPUR: MK Land Holdings Bhd is selling two plots of leasehold land in Sungei Buloh to Foster Estate Sdn Bhd for RM130 million cash.

The company said on Monday, Jan 3 that it had entered into sale and purchase agreements with Foster Estate on Dec 30 to dispose of 18.54 acres for RM100.78 million and 8.32 acres of land for RM29.21 million.

MK Land said it was disposing of the plots of land to unlock the value of the land which it had no immediate plans to develop. The proposals were expected to be completed by the end of 2011.

At 4.02pm, MK Land was up 2.5 sen to 40 sen with 2.29 million shares done.