Perak Corp sells landbanks to Socso, asks creditors to forgive RM544mil debts

FILE PHOTO: Movie Animation Park Studios (MAPS) in Ipoh on June 26, 2017. Perak Corp is planning to sell MAPS for RM100mil.

KUALA LUMPUR: Perak Corp Bhd is selling its landbanks near Ipoh, Perak to the Social Security Organisation (Socso), as the state controlled firm seeks to raise cash and revive its ailing fortune.

The company has also proposed a "comprehensive" debt settlement scheme that includes a plan to ask creditors to forgive loans worth RM544mil.