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Categories
| MK Land in RM50 million land deal |
| Business & Market 2010 | |||
| Written by Fong Min Hun | |||
| Monday, 28 June 2010 23:52 | |||
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KUALA LUMPUR: Property developer MK Land Holdings Bhd announced yesterday that its wholly-owned subsidiary had entered into a sale and purchase agreement (SPA) to dispose of two parcels of land for a total of RM50.74 million. The subsidiary, Medan Prestasi Sdn Bhd, agreed to sell the leasehold land in Ulu Kelang, Kuala Lumpur.to Pembinaan Tegas Megah Sdn Bhd. MK Land is expected to gain about RM20.39 million from the sale, based on the book values of the two pieces of land as at June 30, 2009. The sale is not subject to approval from MK Land shareholders as the value of the deal does not meet threshold percentage ratios. The SPA is expected to be completed within four months of the date of the SPA.
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