Boustead sells Jalan Cochrane land to Sunway

KUALA LUMPUR: Boustead Holdings Bhd is selling a parcel of land located along Jalan Cochrane in the city centre to Sunway Bhd for RM233.4mil cash.

Boustead told Bursa Malaysia today that the estimated gain from the disposal of the 6.6 acres of land was about RM54.1mil.

"The proposed disposal also allows Boustead to strengthen its liquidity and cash flow position by raising total net cash proceeds of approximately RM213.8mil (net of estimated expenses), which will be utilised for repayment of bank borrowings and working capital," it said.

Meanwhile, in a separate announcement, Boustead said it has entered into a memorandum of understanding (MoU) with one of the largest commercial algae plantation owner and cultivator in the world - Next Generation Oil Sdn Bhd.

The MoU, Boustead said, will pave the way for the group to monetise its current land assets through higher yield products.

"Next Gen has the capacity and knowledge to scale up the plantation to produce Crude Algae Oil and has ready markets for the uptake of the Crude Algae Oil produced by Next Gen," Boustead said.

"Having cultivated a new plantation method with a potential of high yielding results and returns from their plantations, Next Gen is exploring opportunities to increase the plantation to large scale plantation within Malaysia," it added.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Boustead Holdings , Sunway ,


Next In Business News

Human error and shaky grid spark new global-chip supply concerns
Grab’s SPAC vehicle Altimeter near record low
Singapore stocks tumble as strict virus curbs return
Foxconn sees 2Q surge on WFH boom
Ant leapfrogs banks to top China fund sale rankings
Wider vaccination and herd immunity are vital to the recovery
Oil extends loss on India Covid-19 cases, U.S. pipeline restart
Stocks rebound as Fed officials calm inflation fears, for now
Japan Q2 economic growth forecasts cut sharply on coronavirus restrictions
Subang Airport car park upgrading to complete by 3Q, 200 extra parking bays

Stories You'll Enjoy