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Wednesday, July 18, 2012

Trinity Corp plans more land sale

KUALA LUMPUR: Trinity Corp Bhd is planning further land sale worth at least RM100 mil to RM200 mil in the current financial year ending Jan 31, 2013 as part of efforts to strengthen its financial footing.

Chua (left) says Trinity still has 1,229ha in places such as Ampang, Sepang, Puchong, Bukit Jalil and Rawang.

Executive director Chua Kim Lan said the group has 1,229.2ha left, mainly in Selangor, comprising commercial, residential and industrial properties.

“The pieces of land are at various strategic locations in Ampang, Sepang, Puchong, Bukit Jalil and Rawang,” she told reporters after the company's AGM.

In the last financial year, Trinity signed a settlement agreement with the Menteri Besar Selangor Inc (MBI) after shareholders approved on March 30, 2011 to reduce some of its long-standing debts owed to financial firms and creditors following long-delayed projects.

Under the agreement, the group, formerly known as Talam Corp Bhd, disposed its properties to MBI totalling RM363.58mil.

It also sold 10.352ha in Mukim Petaling for RM39.46mil and 18,582 sq m of commercial land in Kuala Langat for RM52.12mil.

For the financial year ended Jan 31, 2012, the group's pre-tax loss fell to RM124.418mil compared with the pre-tax loss of RM153.753mil in the same period last year.However, revenue rose to RM637.424mil from RM183.395mil, mainly contributed by land sale.

Its gearing position improved to RM461.72mil from RM726.62mil, down by 36.46%.

Chua said Trinity needed more than two years to revert to the black as it was currently undergoing a lot of debt impairment. She said the company would continue to go into joint-venture projects with reputable corporations.

“We also plan to develop residential properties on 199.388ha in Berjuntai Bestari in Selangor,” she said, adding that the property would be developed over 10 years from 2016.

Asked on questionable land deals between the company and MBI as alleged by certain quarters recently, Chua said: “The decision was above board. The deals were conducted transparently.”

By Bernama

MBSB to sell property unit to Ken Holdings for RM56.1m

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) is selling its 100% stake in its property development unit Gadini Sdn Bhd to Ken Holdings Bhd for RM56.17mil cash.

MBSB said on Wednesday it was selling the 3.97 million shares for RM40.56mil cash.

“Total cash proceeds to be received by MBSB from the proposed disposal will be RM56.17mil,” it said, adding the amount included RM13.61mil which was earlier advanced to Gadini and tax liabilities of RM2mil.

To recap, on Jan 7, 2009, MBSB announced it Gadini had entered into a sale and purchase agreement to disposes of several properties in Johor to Sazean Holdings Sdn Bhd for RM70mil.

Subsequently, Sazean decided to novate all its rights and liabilities under the sale and purchase agreement to Ken Holdings' unit, Ken Property Sdn Bhd.

MBSB then entered into the share sale agreement with Ken Holdings to sell Gadini.

By The Star