Quick take: Harn Len shares jump 20% on estate disposal move

  • Business
  • Tuesday, 05 Mar 2019

KUALA LUMPUR: Shares of Harn Len Corp Bhd jumped 20% this morning, after the company said it planned to dispose its estates in Pahang.

Harn Len, one of the top gainers, jumped 20%, or 10 sen to 60 sen, its highest since last April. In the past one year, the counter has gained 4.35%.

Harn Len is seeking to dispose of its estates through an open tender.

“Harn Len is considering disposing of its estates located in Pahang together with an oil mill through an open tender to be handled by an authorised property agent namely, PA International Real Estates (JB) Sdn Bhd),” the group said.

It said the gross proceeds from the disposal are expected to be utilised to bring down short-term bank borrowings and trade payables, strengthen the company’s cash flow position, fund the expansion of its plantation business and acquire the right assets when the opportunity arises.

The excess cash will enable the group to execute a dividend policy once it is ready, it added.

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