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Zecon to record RM8.11m profit from Kuching land sale

KUALA LUMPUR: Zecon Bhd is expected to record RM8.11 million in profit from the disposal of 3.186 ha of land in Kuching to CMS Property Development Sdn Bhd for RM22 million.

Zecon said on Wednesday, Sept 8 that the land was situated at Tanah Puteh, Kwong Lee Bank Road, Kuching and the original cost of investment was RM11.18 million on March 28, 2005.

It said proceeds from the land disposal would be used as working capital and repayment of debts. The proceeds were expected to be fully utilised within six months from the date of sales and purchase agreement.

“The disposal of land shall enable Zecon to capitalize on the opportunity arising from the appreciation in the market value of the land. The disposal of land is expected to generate a net gain of RM8.11 million to Zecon group,” it said.
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