S P Setia completes Johor land sale for RM564mil, expected to contribute to profit of RM332mil

S P Setia president and chief executive officer Datuk Choong Kai Wai.

PETALING JAYA: S P Setia Bhd has completed the disposal of its 960-acre land parcel in Tebrau, Johor to Senibong Island Sdn Bhd, in a cash deal worth RM564mil.

The group said the transaction, conducted through its subsidiary Pelangi Sdn Bhd, has strengthened the company’s financial standing and is expected to contribute to an after-tax profit of RM332mil.