Ekovest disposes of more land in KL in related party transaction
The expected gain from the proposed disposal is RM3.
The expected gain from the proposed disposal is RM3.
The six-month extension to Jan 27, 2025 will provide Ekovest and Knusford with additional time to evaluate and deliberate the terms of the definitive agreement for the proposed merger.
The company said its role was to mainly provide horizontal coordination with up to 42 agencies, while the respective agencies under multiple ministries spearheaded the project.
PLS revealed in a bourse filing that the transfer took place on Wednesday and involved 167,731 PLS shares at 95 sen each, for a total of RM159,344.
The group did not declare any dividend for the quarter under review.
Keng Cheng, 62, is nephew to Ekovest’s executive chairman Tan Sri Lim Kang Hoo, who controls about 28% stake in the construction group.
On a segmental basis, Ekovest’s revenue from property development tumbled 86.
Ekovest plans to use the proceeds arising from the disposal to reduce its debts and for working capital purposes.
In 2016, Ekovest said it was disposing of its 40% equity interest held in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) to the EPF for RM1.
In a trading stocks note on Monday, the research house said the stock broke past the 54 sen resistance as the bullish momentum is picking up.