KUALA LUMPUR: Genting Plantations Bhd
(GenP) has proposed the sale of 528.488 acres of freehold agricultural land in Melaka to Scientex Heights Sdn Bhd for RM333.8mil cash.
In a filing with Bursa Malaysia, GenP stated that its wholly-owned subsidiaries, Genting Plantations (WM) Sdn Bhd (GPWM) and Genting Property Sdn Bhd (GPSB), each own separate parcels of land that make up the land for sale.
GPWM will sell two parcels of land to Scientex Heights. The first parcel, measuring 270.184 acres in Mukim Paya Rumput, Melaka Tengah, is priced at RM170.65mil.
The second parcel, measuring 153.213 acres, is also located in Mukim Paya Rumput, Melaka Tengah, and is priced at RM96.77mil.
Additionally, GPSB will sell a parcel of 105.091 acres, located in the same area, to Scientex Heights for RM66.38mil.
GenP said the land, currently an oil palm estate with freehold status, is located about 14 km north-west of Melaka city centre. It is accessible via the Sungai Udang-Paya Rumput-Ayer Keroh Highway and the Alor Gajah-Melaka Tengah-Jasin Highway, with a 25-minute drive to the city centre.
The GenP group acquired the lands on April 30, 1981 for an original investment of RM2.09mil.
The proposed sale allows the group to unlock and realise the capital appreciation of the land, with an estimated one-off gain of RM284.92mil upon completion.
“The total consideration, net of taxes and expenses related to the proposed sale, will be utilised in line with the GenP group’s strategic objectives including inter-alia, acquisition of new greenfield/brownfield oil palm estates, property development activities and/or paring down the GenP group’s external borrowings within an estimated time frame of 12 to 24 months from completion of the proposed sale,” it said.
