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Wednesday, December 23, 2009

E&O sells land for RM103mil

PETALING JAYA: Eastern & Oriental Bhd (E&O) is selling a parcel of freehold land in Kuala Lumpur measuring 4,651 sq metres to Menara Hap Seng Sdn Bhd for RM103mil in cash.

In a statement to Bursa Malaysia yesterday, the company said Radiant Kiara Sdn Bhd, a wholly-owned subsidiary of Matrix Promenade Sdn Bhd, which in turn is a wholly-owned subsidiary of E&O, had entered into a sale and purchase agreement with Menara Hap Seng for the sale of the land.

E&O said the sale was in line with its strategy of preserving capital value and strengthening balance sheet, adding that the cash could be deployed in other projects and investments to maximise returns or for the repayment of borrowings.

It added that preliminary structure and piling works had been carried out on the vacant piece of land.

The sale would not have any effect on the issued and paid-up share capital and substantial shareholders’ shareholdings of the company, and that the transaction is expected to be completed by the first quarter of 2010, according to E&O.

By The Star

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