KUALA LUMPUR: LBS Bina Group Bhd
's indirect wholly-owned subsidiary, Sinaran Restu Sdn Bhd has entered into a sale and purchase agreement with Asiana Square Sdn Bhd to dispose of two lands in Johor Bahru for RM110 million.
In a filing to Bursa Malaysia today, LBS Bina said the lands, spanning 0.83 hectares, are strategically located within the commercial area along Jalan Dato’ Dalam, Johor Bahru.
It added that the transaction presents an opportunity for the group to realise gains from the appreciation in land value, while enabling LBS Bina to redeploy capital into projects within the Klang Valley.
"This reallocation of resources is aligned with the group’s 8 x 8 Strategy, which seeks to optimise landbank, and in turn, enhance operational efficiencies and strengthen long-term shareholder value of the group," LBS Bina said.
Barring any unforeseen circumstances and subject to the fulfilment of all conditions, the group said the transaction is expected to be completed upon full payment by Sept 7, 2026. - Bernama
