OilCorp disposes of leasehold land in Klang

KUALA LUMPUR: OilCorp Bhd has disposed of 343.53-acre worth of leasehold land in Klang, Selangor, for RM4 million.

Its subsidiary, Anjur Vista Sdn Bhd, has entered into a sale and purchase agreement with Logiston Sdn Bhd for the disposal of the land, in which part of the property covering an area of 107.21 acres has been approved for a commercial and resort development.

In a filing to Bursa Malaysia on Dec 15, the company said the net book value of the property based on the latest audited financial statements as at Dec 31 last year is RM52.35 million.

The sum of RM4 million will be satisfied in cash, which OilCorp plans to utilise for its working capital requirements.

The deal is expected to be completed by March 31 next year.
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