Friday, 30 June 2017

(The Star) Aeon to sell land and mall in Cheras for RM88mil

KUALA LUMPUR: Aeon Co (M) Bhd will dispose of 2.83ha of freehold land with a two-storey retail shopping centre known as the AEON Mahkota Cheras Shopping Centre for RM87.8mil to Foremost Wealth Management Sdn Bhd in a move to focus and develop its future retail business.

Both parties entered into a sale and purchase agreement yesterday.

The proposed disposal was expected to give rise to an estimated gain of RM17mil after adjusting for necessary expenses and taxes for the financial year ending Dec 31, the company said in a filing with Bursa Malaysia yesterday.

The cash proceeds are intended to be used as working capital of the company and to reduce borrowings, it added. — Bernama