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Wednesday, June 6, 2012

Karambunai to dispose land worth RM44.9mil in Sabah

KUALA LUMPUR: Karambunai Corp Bhd is selling several land parcels measuring about 94 acres in Bandar Sierra, Kota Kinabalu for RM44.9mil.

According to the company, it expected to record gain of disposal of RM22.8mil as the net book value of the plots were at RM22.1mil.

Karambunai said it had signed sale and purchase agreements to sell 33.11 and 3.27 acres of leasehold land in Bandar Sierra to Sinkong Construction Sdn Bhd for RM15.86mil and RM498,769 respectively.

The company also said it was selling 27.01 and 29.95 acres of leasehold land in Bandar Sierra to Yu Sin Kong for RM12.94mil and RM15.65mil respectively.

“The proposed disposals of these non-core assets are part of the group's streamlining exercise,” Karambunai said.

The group is primarily involved in resorts operations and development in the Karambunai Peninsular, Kota Kinabalu, Sabah.

The proceeds from the disposals would be used to repay bank borrowing and fund the group's working capital requirement.

Yu is a Malaysian citizen, residing in Kota Kinabalu.

Sinkong Construction Sdn Bhd was incorporated in Malaysia as a private limited principal activity in general civil engineering, building construction and transportation.

By The Star

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