PETALING JAYA: Talam Transform Bhd
’s unit Talam Leisure Development Sdn Bhd has proposed to dispose of a piece of commercial leasehold land measuring 27.72 acres in Sepang to IJM Properties Sdn Bhd (IJMP).
The land disposal price will be fulfilled by way of setting off a sum of RM66mil of the indebtedness and RM18mil interest waiver on what is owed by the Talam Transform Group to IJMP, it said in a Bursa Malaysia announcement.
Apart from that, there will be a variable entitlement of the 30% of net profit of the project where RM10mil will be payable to Talam Transform over a 24-month instalment period.
This will commence from the first sales launch of the project, the company said.
Talam Transform said the proposed land disposal will give rise to a net profit of RM30.26mil or 0.7 sen per ordinary share.
