Magna Prima to sell building for RM56mil


In a filing with Bursa Malaysia, the company said the proceeds from the proposed disposal of the building that came with a lower ground commercial area designated for supermarket by its wholly owned subsidiary Everhall (M) Sdn Bhd would be utilised for a partial loan settlement of the group.

PETALING JAYA: Magna Prima Bhd has proposed to dispose of a four-storey commercial building with 345 car park bays in Kuala Lumpur for a total cash consideration of RM56mil.

In a filing with Bursa Malaysia, the company said the proceeds from the proposed disposal of the building that came with a lower ground commercial area designated for supermarket by its wholly owned subsidiary Everhall (M) Sdn Bhd would be utilised for a partial loan settlement of the group.

Magna Prima said it had no plan to operate the building and hence the disposal would release resources tied up in unutilised property and realise it at a fair market value while enhancing the group’s working capital.

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