MK Land to use RM130m from land sale for infra, development costs, working capital

KUALA LUMPUR: MK Land Holdings Bhd plans to use the RM130 million from the proposed sale of two pieces of land in Sungei Buloh, Selangor for infrastructure, development costs and general working capital.

In its reply to a query from Bursa Malaysia Securities on Friday, Jan 7, it said RM46 million would be for infrastructure costs, RM50 million as development costs for current and future projects and RM34 million as general working capital.

The property developer had on Jan 3 announced it was selling two plots of leasehold land in Sungei Buloh, to Foster Estate Sdn Bhd for RM130 milion cash. The first plot of 18.54 acres would be disposed of for RM100.78 million and the second plot of 8.32 acres of land for RM29.21 million.

MK Land had then said it was disposing of the plots of land to unlock the value of the land which it had no immediate plans to develop.
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