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Friday, January 23, 2009

MK Land to use sale proceeds for projects

KUALA LUMPUR: MK Land Bhd plans to use the proceeds from the disposal of 9. 2ha in Sungai Buloh, Selangor, for development projects.

In reply to a Bursa Malaysia query, MK Land said the market value of the land was RM157.8mil while the forced sale value was RM118.35mil.

The land was acquired by Ketara Megah Development Sdn Bhd, a company related to MK Land chairman and chief executive officer Tan Sri Mustapha Kamal Abu Bakar, for RM157. 8mil.

Ketara Megah acquired the two parcels of leasehold land in an open tender after they were forced sold by PPC International Sdn Bhd.

MK Land said an open tender was carried out by Henry Butcher Real Estate Sdn Bhd from Sept 9 to Oct 20 last year. As there was no bid received, a second open tender was carried out from Dec 1 to 15.

The proceeds are intended to be used as working capital for the various deve lopment being undertaken by the group .

By The Star

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