The Sun (Malaysia)

GuocoLand sells KL land to KWAP

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PETALING JAYA: GuocoLand (Malaysia) Bhd is selling a parcel of land in Kuala Lumpur to Retirement Fund (Incorporat­ed) (KWAP) for RM87.92 million in cash.

In a filing with Bursa Malaysia last Friday, GuocoLand said its indirect wholly-owned subsidiary Sabna Developmen­t Sdn Bhd had entered into a sale and purchase agreement with KWAP for the proposed disposal.

The freehold land measuring 2,917 sq m is located at Jalan Changkat Kia Peng. Sabna originally acquired the land for RM55.46 million on Jan 14, 2008.

GuocoLand said the proposed disposal will enable the group to realise its investment in the land and it plans to use the net considerat­ion for repayment of borrowings and/or working capital purposes of the group.

Upon completion of the disposal, the GuocoLand Group is expected to realise a net gain on disposal of about RM19.94 million.

The net gain attributab­le to owners of the company represents an increase in earnings per share and net assets per share of the company of about 2.98 sen.

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