Guocoland associate sells Sepang land for nearly RM475m

KUALA LUMPUR: Guocoland (Malaysia) Bhd’s associate Vintage Heights Sdn Bhd is selling 679.2 hectares of land in Sepang, Selangor to Putrajaya Properties Sdn Bhd for cash consideration of RM475mil.

Guocoland said on Monday upon completion of the disposal, Vintage Heights is expected to realise a net gain on disposal of about  RM290mil and about RM116mil is expected to be attributable to Guocoland.

“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 approximately 17.31 sen,” it said.

It said the proceeds would be used for Vintage Holdings’ working capital purposes, repayment of borrowings and/or distribution to Vintage Holdings’ shareholders.