KUALA LUMPUR: The New Straits Times Press (Malaysia) Bhd (NSTP) is selling a 5-acre freehold industrial plot in Bukit Jelutong, Selangor for RM15.9 million to Megah Selesa Development Sdn Bhd.

In a filing to Bursa Malaysia on March 4, the publishing house said it has entered into a sale and purchase agreement with Megah Selesa Development on March 3 for the vacant land.

“The proceeds from the disposal will be utilised for working capital. The land was originally acquired by NSTP in November 1995,” the company said.

Based on NSTP’s latest audited financial statements as at Dec 31 last year, the land has a net book value of approximately RM10.12 million.

Megah Selesa Development is involved in housing development and was incorporated in Oct 26 last year, with an issued and paid-up share capital of RM2.
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