KUALA LUMPUR: Fiamma Holdings Bhd
's subsidiary Oaksvilla Sdn Bhd is disposing of 18 parcels of leasehold agriculture land in Mukim Kota Tinggi in Johor to Scientex Bhd's unit Amber Land Bhd for RM39.21mil cash.
According to Fiamma's filing with Bursa Malaysia, the land in question measures 85.73 acres and was purchased for RM10.64mil in June 2003. The land has a net book value of RM16.84mil.
"The Proposed Disposal will enable Fiamma Group to realise the value of the Land which has been vacant and unused," it said in the filing.
The proposed disposal is expected to be completed by April 2020, while the proceeds will be utilised as working capital for the group's business operations.
's subsidiary Oaksvilla Sdn Bhd is disposing of 18 parcels of leasehold agriculture land in Mukim Kota Tinggi in Johor to Scientex Bhd's unit Amber Land Bhd for RM39.21mil cash.According to Fiamma's filing with Bursa Malaysia, the land in question measures 85.73 acres and was purchased for RM10.64mil in June 2003. The land has a net book value of RM16.84mil.
"The Proposed Disposal will enable Fiamma Group to realise the value of the Land which has been vacant and unused," it said in the filing.
The proposed disposal is expected to be completed by April 2020, while the proceeds will be utilised as working capital for the group's business operations.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
