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KUALA LUMPUR: Milux Corp Bhd's wholly owned subsidiary TH Hin Sdn Bhd entered into a sale and purchase agreement (SPA) with Albert Wines & Spirits (M) Sdn Bhd on Monday, July 26 to dispose of a piece of vacant land in Kota Damansara, Petaling Jaya, for RM10.98 million.
In a Bursa Securities filing, the group said the piece of vacant industrial land measuring about 10,627 sq metres had a lease tenure of 60 years expiring on Feb 15, 2062.
Milux said the property was acquired by TH Hin on July 28, 2009 and that the original cost of investment was RM5.5 million. It said the property was only accounted for in TH Hin's books in the month of June 2010 as the acquisition was only completed on May 24, 2010.
The group said the net book value of the property was RM5.491 million as at June 30, 2010 and that proposed disposal was expected to be completed within three months.
"The disposal of the property will result in a cash inflow to TH Hin which will be utilised in part to redeem fully the property and the balance sum shall be used for working capital," said Milux, adding that no time frame has been set for the utilisation.
It said the proposed disposal was expected to result in an additional gain on disposal of about RM4.78 million to the group for the financial year ending Aug 31, 2011.
"The net asset of the group will increase by approximately 10 sen per share for the year ending Aug 31, 2011," Milux said.
In a Bursa Securities filing, the group said the piece of vacant industrial land measuring about 10,627 sq metres had a lease tenure of 60 years expiring on Feb 15, 2062.
Milux said the property was acquired by TH Hin on July 28, 2009 and that the original cost of investment was RM5.5 million. It said the property was only accounted for in TH Hin's books in the month of June 2010 as the acquisition was only completed on May 24, 2010.
The group said the net book value of the property was RM5.491 million as at June 30, 2010 and that proposed disposal was expected to be completed within three months.
"The disposal of the property will result in a cash inflow to TH Hin which will be utilised in part to redeem fully the property and the balance sum shall be used for working capital," said Milux, adding that no time frame has been set for the utilisation.
It said the proposed disposal was expected to result in an additional gain on disposal of about RM4.78 million to the group for the financial year ending Aug 31, 2011.
"The net asset of the group will increase by approximately 10 sen per share for the year ending Aug 31, 2011," Milux said.
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