Mutiara Goodyear disposes Ulu Langat land for RM18.4 million

KUALA LUMPUR: Mutiara Goodyear Development Bhd through its wholly-owned subsidiary Regal Form Sdn Bhd, is disposing a piece of vacant freehold land measuring approximately 71,123.39 sq m in Ulu Langat Selangor to Pusaka Padu Sdn Bhd for RM18.4 million.

On the rationale for the disposal, Mutiara said ia a Bursa listing on Aug 27 that a vast portion of the land consisted of hill-slope terrains, making it challenging and cost consuming for development.

The board of directors was of the view that it would be more beneficial to the group to unlock the value of the land and utilise the proceeds from the disposal for working capital purpose, reduce borrowings and/or contribute
towards the group’s future expansion, it added.

The group is expected to report a net profit of RM4.48 million from the disposal after payment of agency commission and legal fees.-- Bernama
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