PETALING JAYA: Eden Inc Bhd expects a gain of RM10.9mil after a piece of its land in Kuantan was compulsorily acquired by Malaysia Rail Link Sdn Bhd for the East Coast Rail Link (ECRL) project.
The company said it had received compensation of RM16.71mil arising from the acquisition of 6.38 hectares in Sungai Karang, Kuantan. The affected land is currently a vacant industrial land.
The tenure of the leasehold land, involving 88.34 ha, is 99 years and expires on Oct 28,2096. The original cost was RM33.97mil and the audited value as at Dec 31,2018 was RM79.90mil.
Eden said the land was currently charged to RHB Islamic Bank Bhd for Ijarah loan facility granted to the company.
The industrial land was acquired in November 2003 from Zil Enterprise Sdn Bhd.
The stock, which is reportedly linked to new Prime Minister Tan Sri Muhyiddin Yassin, closed up two sen at 25 sen yesterday.
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