Ajinomoto accepts RM166mil compensation award for land

  • Business
  • Thursday, 22 Dec 2016

Ajinomoto attributed its better results to higher domestic sales and better margins from export sales arising from the appreciation in US dollar.

PETALING JAYA: AJINOMOTO (M) BHD has accepted the compensation award of RM165.99mil in cash by the Kuala Lumpur land administrator.

In a filing with Bursa Malaysia, the company said it had accepted the award of compensation, in respect of the compulsory acquisition of the 7.58-acre land which housed one of its plants.

The land, located in Jalan Kuchai Lama, will be acquired by the Government for the construction of the Mass Rapid Transit Line 2 (MRT2) project.

Ajinomoto’s board has yet to decide on the intended usage of the proceeds, which include, inter alia, the amount of dividend to be declared to the shareholders arising from the acceptance of the compensation award.

In a previous media briefing, Ajinomoto managing director and CEO Keiji Kaneko said that the proceeds from the compensation would be earmarked for investments over the next five years.

It would also be channeled as dividends to Ajinomoto’s shareholders, he added.

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