New high for Dagang NeXchange Bhd
KUALA LUMPUR: Lien Hoe Corporation Bhd
's unit is selling 36.4 acres of land within Bandar Seri Alam, Johor for RM100.53mil cash consideration to Plato Assets (M) Sdn Bhd.
The property company said on Friday its unit Christine Resort Sdn Bhd had signed a sale and purchase agreement with Plato Assets to dispose of the land. Of the RM100.53mil, Lien Hoe will be using RM90.50mil for working capital, business expansion and new investment.
It said the land, which was part of a 182 acre site, was purchased iin July 2009 via the acquisition of Christine Resort. The land is a freehold property zoned for commercial buildings.
The land is along Jalan Persiaran Seri Alam within Bandar Seri Alam, 25km north-east of Johor Baru city centre.
Under the agreement, Lien Hoe will build a two-lane road, measuring 580 metres along the southern boundary of the main road.
“Based on the carrying value of the land of RM10.15mil and the related costs amounting to RM36.78mil, the proposed disposal is expected to give rise to a gain of RM53.59mil before tax for the group.
“This translates into an increase in earnings per share of 15.63 sen for the group in the financial year ending Dec 31, 2017,” it said.
Plato Assets' core business is real estate and the directors are James Ku Man Ning, William Liaw Kok Tjong, Liaw Siu Wen and Shie Poen Liaw.
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