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Monday, July 21, 2008

Konsortium Logistik hopes to get RM65m from land sales

KONSORTIUM Logistik Bhd, a logistic company, plans to sell several pieces of land in Indonesia, Thailand and Malaysia for an estimated RM65 million.

The sale of its land in Jakarta, Indonesia is due to be finalised within a couple of months, said its chairman Ismett Azyze Hamad Abbdul Azyze.

"We are looking to dispose no-yield or low-yield assets ... it is not a fire sale, we will sell if the price is right," Ismett told Business Times.

"We have land in Thailand, Indonesia and Penang (Seberang Prai) with an estimated value of RM45 million. We also have other pockets of land in Port Klang and Johor worth another RM15 million to RM20 million," Ismett added.

"We have agreed on the pricing for the land in Indonesia. It will go for about RM13 million or RM14 million. Hopefully, the deal is done within one or two months," he said.

For the land in Sadao, Thailand measuring 32.4 ha and in Seberang Prai measuring 12.2 ha, Konsortium Logistik has received various enquires and offers, none of which is the price the company is seeking.

"We are likely to make a small margin from the sale," Ismett said.

Meanwhile, the firm is also exploring the possibility of selling another piece of land measuring 3.65 ha and valued at RM42 million in Puchong, Selangor.

"We are looking at the operational requirement of the group. If we do not need the warehouse (in Puchong), we may move to another location," he said.

Ismett said that it had received an offer to set up a real estate investment trust for the land in Puchong and in Port Klang but it put the option on hold.

By New Straits Times (by Vasantha Ganesan)

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