It told Bursa Malaysia yesterday that the land was acquired in December 1989 and was an unconverted development land zoned for residential and commercial use located about 5km north-east of the Johor Baru city centre.
The group said the land was one of several earmarked assets which had been identified as a significant divestment asset subsequent to the implementation of Olympia Industries' restructuring scheme to meet its obligations under the said scheme.
“The proposed disposal is to comply with the terms of the restructuring scheme, specifically to substantially reduce the debts owing to the primary holders of 2007/2013 six-year irredeemable convertible bonds which are the original lenders under the scheme,'it said.
It added that the consideration for the proposed disposal was a willing-buyer willing-seller basis and based on the valuation carried out by Messrs CH Williams, Talhar & Wong on June 3.
CH Williams, the designated valuer of the lenders had assessed the market value of the land at RM73mil.
By Business Times
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