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Wednesday, January 21, 2009

Mustapha Kamal-related company buys land from MK for RM150m

PETALING JAYA: Property developer Tan Sri Mustapha Kamal Abu Bakar’s company Ketara Megah Development Sdn Bhd has acquired 23 acres of land in Selangor from MK Land Holding Bhd for RM150mil.

Ketara Megah had acquired the two parcels of leasehold land in Sungai Buloh in an open tender exercise from MK Land, of which Mustapha Kamal is chairman and chief executive director.

MK Land said in a statement on Tuesday the sale consideration of RM150mil was in excess of the forced sale value of RM118.35mil indicated in the valuation by PPC International Sdn Bhd.

At the close of the tender exercise on Dec 15 last year, only one tender was received, which was Ketara Megah.

The land was originally acquired by MK Land’s unit Saujana Triangle Sdn Bhd in 1995 for RM3.72mil. As at June 30 last year, the book value was RM151.9mil due to the fair value adjustments, said MK Land.

“The entire proceeds from the proposed sale will be used for working capital,” it said. It added the proposed sale would unlock the value of land which MK Land had no immediate plan to develop.

MK Land said the proposed sale was by open tender and the transaction was not regarded as a related party transaction under the Bursa Malaysia Securities’ listing rules.

By The Star

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