Gabungan AQRS’s subsidiary sells Selangor land for RM50.4mil

KUALA LUMPUR: Gabungan AQRS Bhd’s 52%-owned Prestige Field Development Sdn Bhd (PFDSB) has entered into a sale and purchase agreement with Stratmont Development Sdn Bhd for a proposed disposal of a 3.228ha leasehold land in Selangor for RM50.38mil.

In a filing with Bursa Malaysia on Wednesday, the construction and property development firm said the proposed land sale was to realise a gain as well as to raise funds as working capital and/or repayment of PFDSB’s bank borrowings. 

“It is also in line with Gabungan AQRS group’s degearing exercise to strengthen its financial footing,” it said, adding that the expected gain from the proposed disposal of the land is about RM14.70mil. 

“The net proceeds arising from the exercise are expected to be primarily utilised for the full settlement of the redemption sum due and payable to PFDSBs financier in order to obtain a valid and registrable discharge of the existing charge on the land from the financier,” it said. 

The company said the proposed disposal was expected to be completed by the financial year ending Dec 31, 2016. - Bernama