Hap Seng to sell two plots of land for RM90mil


Its wholly-owned subsidiary, Hap Seng Properties Development Sdn Bhd, will be disposing of the leasehold parcels of land to Goldcoin Ventures Sdn Bhd.

Its wholly-owned subsidiary, Hap Seng Properties Development Sdn Bhd, will be disposing of the leasehold parcels of land to Goldcoin Ventures Sdn Bhd.

PETALING JAYA: Hap Seng Consolidated Bhd is disposing of two parcels of land totalling 59.24 acres in Tawau, Sabah for a combined worth of RM90.13mil, as part of its strategy to sell off non-strategic locations without immediate development potential.

In a filing with Bursa Malaysia yesterday, the company, which has diversified businesses such as plantations, automobiles and properties, said its wholly-owned subsidiary, Hap Seng Properties Development Sdn Bhd, will be disposing of the leasehold parcels of land to Goldcoin Ventures Sdn Bhd.

“The proposed disposals are in line with the group’s strategy in disposing of parcels of land located in non-strategic locations without immediate development potential.

“The proposed disposals enable the vendor to realise an attractive capital gain and the proceeds will be used to reduce bank borrowings and / or to contribute to the working capital of the Hap Seng Group,” it said.

Property , Construction , Corporate News , Hap Seng , Tawau , sell