PETALING JAYA: Kimlun Corp Bhd
’s wholly-owned subsidiary, Kitaran Lintas Sdn Bhd has entered into a sale and purchase agreement with KT Techpark Sdn Bhd for the disposal of 29 freehold land lots measuring 56.51 hectares in Kota Tinggi, Johor.
In a filing to Bursa Malaysia, the construction group said the deal was for a cash consideration of RM55mil, while the audited net book value of the land was RM34.38mil as at December 31, 2023.
Kimlun Corp said the land has oil palm trees and they own the right to harvest the fruits to a harvester.
It was previously purchased for RM34.38mil in May 2015.
“The disposal will provide Kimlun Corp an opportunity to unlock and realise the value of the land, whilst providing a surplus cash flow arising from the sale of the land to be utilised for operational expenses,” it said.
“We will also be able to record a net gain on disposal of the land of approximately RM13.7mil.”
