The Nomad sells Jakarta land for RM33m

KUALA LUMPUR (Dec 17): The Nomad Group Bhd announced that it is disposing a ppiece of land with a constructed nine storey office building in Central Jakarta for IDR105 billion (RM33 million).

The group said that its wholly-owned subsidiary PT The Nomad Offices Indonesia (TNOI) has entered into a sale and purchase agreement to dispose the land — which measures 2,553 sq m, with an office building — to PT Gaia Care International for the said amount.

TNOI purchased the property on March 5, 2009 for a total purchase consideration of IDR89.25 billion. However, in TNOI's book, the property is valued at a lower IDR80.88 billion.

"The proposed disposal is expected to give rise to an estimated gain before tax of IDR13.29 billion (approximately RM4.23 million or 2 sen per share) based on the net book value of the property as at Dec 31, 2011," stated The Nomad.

The group stated that the gross proceeds arising from the proposed disposal will be utilised for business expansion purposes. It stated that the proposed disposal is to streamline and focus on the group's core business of hotels, serviced residences and serviced offices.

The Nomad's share price unchanged at 79 sen per share today (Monday). Its current net asset per share before the proposed disposal is RM1.58 per share.

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