LFE unit sells land for RM4.9mil

KUALA LUMPUR: LFE Corp Bhd’s 51%-owned subsidiary Bestgate Development Sdn Bhd (BDSB) has entered into a sale and purchase agreement with Adept Development Sdn Bhd for the disposal of 116 pieces of freehold land for RM4.9mil cash.

LFE Corp told Bursa Malaysia yesterday that the land was currently charged to AmBank (M) Bhd as security for the banking facilities granted to BDSB.

“The land (prior to subdivision) was acquired on Jan 10, 2005 at an aggregate original investment cost of RM3.71mil,” it said in a statement.

“As per the latest consolidated audited accounts dated March 31, 2009, the net book value of the land was RM5.72mil attributed to the additional sum of RM2mil incurred in the development of the land and maintenance thereof since the date of acquisition.”

LFE Corp said the price was arrived at a willing buyer willing seller basis after taking into account the current prevailing market value based on another earlier lower offer on the land and the valuation on the land carried out by Messrs One Asia Property Consultants (PG) Sdn Bhd which valued the land at RM5mil.

By The Star