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KUALA LUMPUR (Dec 14): Country View Bhd is disposing of lands in Kedah for a total of RM119.95 million.
In a filing with Bursa Malaysia today, the company said its unit Country View Land Sdn Bhd had entered a conditional sale and purchase agreement with ECK Property Sdn Bhd for the disposal of a piece of land in Pekan Sungai Karangan, as well as 138 pieces of lands in Mukim of Padang Meha, both in Kulim.
Country View said the expected net gain from the disposal was about RM74.67 million.
The company said the disposal provides it with an opportunity to unlock the value of the lands without having to develop them and also provides immediate cash flow.
Country View said it also plans to use the funds to part finance the acquisition of some 163.92 acres of land in Pulai, Johor, from Bandar Nusajaya Development Sdn Bhd for RM310 million, which had been announced on Oct 30.
"At this juncture, the group intends to capitalise on its established reputation and presence in Iskandar Puteri and Johor Bahru. The group will continue to develop its existing ongoing project Taman Nusa Sentral, which is located at Iskandar Puteri.
"The proposed land acquisition will allow the group to expand and enhance its property development activities in Iskandar Puteri which is expected to generate future income," it said.
At 11.13am today, Country View fell 5.81% or 9 sen to RM1.46 with 2,000 shares traded. — theedgemarkets.com
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