Boustead Properties Sell Land for RM30
A subsidiary of Boustead Properties Bhd, Akademi Pendidikan Pemandu Malaysia Sdn Bhd (APPM) is selling a piece of prime land to a company called Crystalville Sdn Bhd.
The land tenure is leasehold and is located in Setapak. The transaction was in cash in the tune of RM30 million.
According to the report:
Boustead Properties said it acquired the land, which has a remaining lease of 89 years, in 1997 for RM14.5 million. It added that the net book value as at Dec 31, 2006, was RM22.6 million.
It added that sale of the land would allow APPM to realise cash proceeds to repay borrowings taken to acquire the land in the first place.
It said the disposal was expected to increase its net assets of by RM7.5 million and earnings per share for the year ending Dec 31, 2007, by 2.9 sen.
It is not known at the moment how Crystalville plans to develop the land.
