Magna Prima to sell land for RM500mil

Magna Prima executive director Datuk Rahadian Mahmud Mohamad Khalil

PETALING JAYA: Magna Prima Bhd is looking to sell three pieces of its prime land by year-end, which should net it some RM500mil cash.

Using this cash, Magna Prima would buy smaller plots of land for property development and would set a policy of giving out 50% of profits from each project as dividends to shareholders, said Magna Prima group managing director Datuk Rahadian Mahmud Mohammad Khalil (pic).