PETALING JAYA: Oil and gas services outfit Wah Seong Corp Bhd, which is proposing to dispose of 126.55 acres of leasehold land together with property in the Gebeng industrial zone near Kuantan, Pahang to Axis Real Estate Investment Trust (REIT), will stand to gain a one-off RM97.7mil from the total sale price of RM155mil of the land and property.
The company said in an announcement to Bursa Malaysia that the rationale for the sale of the land was to unlock and realise capital appreciation of the assets and at the same time improve the working capital position.
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