The associate, Continental Estates Sdn Bhd (CESB) — a property developer that also operates an palm oil estate — will use the proceeds for working capital and repayment of borrowings.
Guocoland said in a stock exchange filing yesterday that the sale will result in a gain of about RM15 million to CESB and RM7.5 million to the group.
The land, measuring about 202.5ha, is located in Jasin.
By Business Times
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