DNP explains land transaction

DNP Holdings Bhd, a property developer and garment manufacturer, said there was no valuation carried out on the 9.4-acre land it plans to buy for RM56 million, as it was a “willing buyer, willing seller” transaction.

The company, part of the Wingtai Asia Group, added that the funding for the land as well as the development of the land, will come from internal generated cash as well as bank borrowings.

It is not expected to have a significant impact on its gearing.

By Business Times