KUALA LUMPUR, October 19 — Guocoland (M) Bhd’s associate Vintage Heights Sdn Bhd is disposing of 679.2 hectares of land in Sepang, Selangor to Putrajaya Properties Sdn Bhd for RM474.99 million cash.
Upon completion of the proposed disposal, Vintage Heights is expected to realise a net gain on disposal of approximately RM290 million with about RM116 million expected to be attributable to Guocoland.
“The net gain attributable to owners of the company represents an increase in earnings per share and net assets per share of the company of 17.31 sen,” said Guocoland in a filing to Bursa Malaysia today.
Guocoland said Vintage Heights had on Oct 16, 2015 signed the conditional sale and purchase agreement with Putrajaya Properties and Hap Seng Consolidated Bhd for the proposed disposal.
Hap Seng Consolidated is a shareholder of Vintage Heights, which on March 27, 1992 acquired the land from Hap Seng Consolidated for RM50.48 million.
Barring any unforeseen circumstances, the proposed disposal is expected to be completed in the second half of 2016.
At lunch break, Guocoland’s shares rose six sen to RM1.27, with 443,000 shares traded.