MK Land”s Subsidiary To Dispose Land In Kamunting For RM72 Million


MK Land''s Subsidiary To Dispose Land In Kamunting For RM72 Million

KUALA LUMPUR, May 8— MK Land Holdings Bhd’s (MK Land) wholly-owned unit, Dominant Star Sdn Bhd (DSSB), will dispose of nine parcels of leasehold land measuring approximately 79.25 hectares in Kamunting, Perak for RM72 million.

In a filing to Bursa Malaysia today, the company said the land was acquired on Jan 8, 1997, with the cost of investment amounting to RM5.65 million and expected to record a net gain of RM32.14 million.

The disposal consideration will be utilised for working capital, corporate tax, real property gains tax and estimated incidental expenses related to the disposal amounting to RM47 million, while the balance (RM25 million) will be used for development expenses for on-going and future projects, said the group.

MK Land said the disposal would not have any material effect on the group’s net assets, earnings and gearing ratio for the financial year ending June 30, 2017.

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