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Utusan sells Jalan Tiga land for RM18mil
Thursday, 15 Nov 2018
6:58 PM MYT
KUALA LUMPUR: Utusan Melayu (M) Bhd, the publisher of Utusan Malaysia, has proposed to sell a piece of industrial land in Kuala Lumpur for RM18mil to raise cash.
The PN17 company told the stock exchange on Thursday that net proceed from the disposal of the 4,715 square meters plot of leasehold land, located at Jalan Tiga Off Jalan Chan Sow Lin are intended to be utilised as working capital requirements.
“The proposed disposal provides an opportunity for Utusan to unlock the immediate value of the property,” it said.
The company on Thursday entered into a conditional sale and purchase agreement with Strong Skyhutch for the disposal of the land. The purchase price, it said, was arrived at on a willing-buyer willing-seller basis through direct negotiation.
Utusan said the land has a market value of RM17.8mil. The latest audited net book value of the land as at Dec 31, 2017 is RM196,174. The original cost of investment in the property was RM813,191, which was incurred on Dec 20, 1979.
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