KUALA LUMPUR: SBC Corp Bhd has proposed to dispose of a piece of land measuring 8,962 square metres in Kuala Lumpur for RM36mil to MEGX Holdings Sdn Bhd.
In a filing with Bursa Malaysia, SBC said its indirect wholly-owned subsidiary, Kiara East Property Sdn Bhd entered into a sale and purchase agreement (SPA) with MEGX for the proposed land disposal.
SBC is expected to record a consolidated gain of approximately RM23.75mil for the financial year ending March 31, 2025 from the disposal assuming the disposal is completed between the period of April 1, 2024 to March 31, 2025.
“The disposal presents an opportunity for the SBC Group to dispose of the property at the willing-buyer-willing-seller value and to generate cashflows for the development projects of the SBC Group,” it said.
