Global Oriental’s unit to sell land for RM43.3 million

Global Oriental''s unit to sell land for RM43.3 million

KUALA LUMPUR, Aug 11  – Global Oriental Bhd’s (GOB) wholly-owned unit, Pertanian Taman Equine Sdn Bhd, will dispose of 7.70 hectares of leasehold land in Mukim Petaling, Selangor, to Kemaris Residences Bhd Bhd for RM43.3 million.

In a filing to Bursa Malaysia, GOB said the disposal was based on a willing buyer, willing seller basis.

“The proposed disposal is expected to be completed within six months from the unconditional date or nine months from the sale and purchase date, whichever is later.

“The disposal will improve the group’s cashflow through realisation of a portion of the group’s investment in development land into cash,” it said.

Kemaris Residences was incorporated in Malaysia and is principally engaged in the business of property development.