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Tuesday, June 5, 2012

Karambunai to record RM22.8m gains from KK land sale

KUALA LUMPUR: Karambunai Corp Bhd is expected to record about RM22.81mil in net gains from the sale of several pieces of land measuring about 94 acres in Bandar Sierra, Kota Kinabalu.

It said on Tuesday the net book value was RM22.15mil while the sale consideration was RM44.96mil.

The properties were acquired in March 1997 with an original investment cost of RM19.83mil, including incidental costs incurred.

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

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

"Karambunai said the proposed disposals were part of Karambunai group's streamlining exercise by disposing of non-core assets. KCB 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.

By The Star

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