Tuesday, 9 May 2017

(The Star) MK Land unit to sell land for RM72mil

KUALA LUMPUR: MK Land Holdings Bhd’s wholly-owned unit, Dominant Star Sdn Bhd (DSSB), will dispose of nine parcels of leasehold land measuring about 79.25 ha in Kamunting, Perak for RM72mil.

In a filing to Bursa Malaysia yesterday, the company said the land was acquired on Jan8, 1997 with the cost of investment amounting to RM5.65mil and expected to record a net gain of RM32.14mil.

The disposal consideration will be utilised for working capital, corporate tax, real property gains tax and estimated incidental expenses related to the disposal amounting to RM47mil, while the balance (RM25mil) will be used for development expenses for on-going and future projects, said the group. – Bernama