Country View unit to dispose of Pulai land for RM47.26mil

KUALA LUMPUR: Country View Bhd's wholly-owned subsidiary Country View Resources Sdn Bhd has inked a deal to dispose of three tracts of freehold commercial land in Pulai, Johor Bahru, for a total of RM47.26mil cash.

In a filing with Bursa Malaysia, the group said the lands, measuring a combined 36,588sqm, are located within the Taman Nusa Sentral housing scheme owned by Country View.

Minus a net book value of RM22.07mil, incidental costs and estimated income tax, the group said it would record an estimated net pro-forma gain of RM18.14mil from the disposal.

It said the proceeds from the disposal will go towards funding ongoing and future projects, the repayment of borrowings and working capital.

"The proceeds from the disposal of the lands are expected to strengthen the group's principal business and provide overall benefit to the group," it said.