Protasco unit disposes of JB land for RM16.72mil

KUALA LUMPUR: Protasco Bhd's unit Sun Rock Development Sdn Bhd has entered into a contract to dispose of three pieces of commercial land to NSK Property Sdn Bhd for RM16.72mil cash.

The lands in question are located in Johor Bahru and total about 2.7 hectares.

According to Protasco, the sale was owing to its expectatio that demand for developed properties will remain weak in the coming years owing to a slowdown in the property market and economy.

"The Land Disposal will enable the Company to pare down on the existing term loan and generate additional cashflow to the Group," it said.

The disposal is expected to result in a one-off gain og about RM3.065mil to Sun Rock Development, to be recognised in the financial year ending Dec 31, 2020, subject to the completion of the disposal.
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