Satang Holdings sells Bukit Jelutong land for RM18m

KUALA LUMPUR: Satang Holdings Bhd sold its freehold Bukit Jelutong land measuring about five acres to Mega Regal Development Sdn Bhd for RM18 million, the group announced on Tuesday, Nov 20.

The group decided to sell the land because land is not expected to contribute materially to the business of Satang Holdings in the future as the group does not have plans to develop the land.

Moreover, by selling the land the group can concentrate on its core business, which is maintenance, repair and overhaul services of safety and survival equipment.

Lastly, the sale also offers an opportunity for the group to realise the capital appreciation of the land and to raise funds for its working capital. In addition, part of the proceeds will go to repaying a portion of the group's bank borrowings.
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