Amcorp Properties to sell land for RM122.3mil

PETALING JAYA: Amcorp Properties Bhd is looking to sell a piece of leasehold agriculture land in Sepang for RM122.3mil to property investment company Premier Land Resources Sdn Bhd.

In a Bursa Malaysia filing, the company said its wholly-owned sub-subsidiary had entered into a conditional sale and purchase agreement yesterday with Premier Land Resources for the land, which is currently a palm oil plantation measuring 521.1ha.

Proceeds from the disposal will be used mainly to reduce Amcorp Properties' debts and as working capital.

The group estimates a gain of RM39.7mil from the disposal based on the net book value of the land of RM80.9mil as at March 31 this year.

By The Star