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KUALA LUMPUR (Nov 27): Mitrajaya Holdings Bhd expects to gain RM32.67 million from the disposal of 93 pieces of leasehold land in Melaka for RM63 million.
In a bourse filing, Mitrajaya said the plots have been left idle since the group bought them from a trade debtor in 2006. There has been no development potential identified by the group so far.
The pieces of land have been sold to PMJ Parkland Avenue Sdn Bhd and Parkland Diversified Sdn Bhd. The two related companies are involved in property development and investment holdings.
Mitrajaya said proceeds from the disposal will be used for repayment of its wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd’s bank borrowings, which stood at RM200.25 million as at June 30.
The disposal will give an interest savings of about RM3 million per annum, and reduce the group’s gearing by 21.4%.
Mitrajaya’s shares closed unchanged at 27 sen yesterday, valuing the company at RM240.07 million.
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