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KUALA LUMPUR (Dec 29): Konsortium Transnasional Bhd (KTB) is disposing of a 0.63ha piece of industrial land in Larkin, Johor Bahru, to MHSB Development Sdn Bhd for RM2.1 million.
In a filing with Bursa Malaysia yesterday, KTB said its wholly-owned subsidiary Transnasional Express Sdn Bhd (TESB) has signed a sale and purchase agreement (SPA) with MHSB Development for the proposed disposal.
The land includes a two-storey shop office, which is currently being used as a workshop.
The land was originally acquired by the group for RM1.83 million on May 1, 2003. The net book value (NBV) of the property stood at RM1.25 million as at Dec 31, 2014.
"Based on the original cost of investment and NBV of the property as at Dec 31, 2014, there would be an estimated gain of RM853,468 arising from the disposal," KTB said.
The group said it intends to utilise the proceeds from the disposal for working capital purposes, and expects to complete the disposal within three months from the date of the SPA.
The workshop operations on the property will be ceased as TESB has appointed a contractor to provide the services of repair and maintenance for its fleet of buses.
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