Guocoland unit sells land for RM45m

GUOCOLAND (Malaysia) Bhd’s associate company is selling a piece of land in Malacca to Perbadanan Kemajuan Negeri Melaka for RM45 million.

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