Puncak Niaga To Dispose Of Two Land Parcels In Selangor For Rm237.15 Mln

KUALA LUMPUR, Aug 18 (Bernama) -- Puncak Niaga Holdings Bhd and its wholly owned subsidiary, Puncak Niaga Management Services Sdn Bhd (PNMSSB), have entered into conditional sale and purchase agreements to dispose of two parcels of land in Selangor for RM237.15 million.

In a Bursa Malaysia filing today, the investment holding company said the first conditional sale and purchase agreement was entered into between Puncak Niaga and Alpha Galaxy Sdn Bhd for the disposal of Lot 7095, Ijok, Kuala Selangor, for RM118.69 million.

The second conditional sale and purchase agreement was entered into between PNMSSB and Alpha Galaxy for the disposal of Lot 7094 in the same area for RM118.47 million.

“The proposed disposal of lands represents an opportunity for Puncak Niaga and its subsidiaries to unlock the value of the lands which have been held as investment properties since 2015.

“It will raise approximately RM216.22 million in sale proceeds after deducting the estimated costs related to the proposed disposal of lands, which amount to approximately RM2 million, as well as the real property gains tax of approximately RM18.93 million,” it said.

-- BERNAMA