PETALING JAYA: Property developer Tan Sri Mustapha Kamal Abu Bakar’s company Ketara Megah Development Sdn Bhd has acquired 9.2ha in Selangor from MK Land Holding Bhd for RM150mil.
Ketara Megah acquired the two parcels of leasehold land in Sungai Buloh in an open tender exercise from MK Land, of which Mustapha Kamal is chairman and chief executive director.
MK Land said in a statement the sale consideration of RM150mil was in excess of the forced-sale value of RM118.35mil indicated in the valuation by PPC International Sdn Bhd.
At the close of the tender exercise on Dec 15, only one tender had been received from Ketara Megah.
The land was originally acquired by MK Land’s unit Saujana Triangle Sdn Bhd in 1995 for RM3.72mil. As at June 30 last year, the book value was RM151.9mil due to the fair value adjustments, said MK Land.
“The entire proceeds from the proposed sale will be used for working capital,” it said. It added that the proposed sale would unlock the value of land which MK Land had no immediate plan to develop.
MK Land said the proposed sale was by open tender and the transaction was not regarded as a related-party transaction under the Bursa Malaysia listing rules.
By The Star
Thursday, January 22, 2009
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment