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Malaysian Resources unit's subsidiary to sell freehold land for 323M ringgit

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Malaysian Resources unit's subsidiary to sell freehold land for 323M ringgit

A subsidiary of Malaysian Resources Corp. Bhd. unit MRCB Land Sdn. Bhd. signed a sale and purchase deal to sell a freehold land plot to government department Perkeso for 323 million ringgit.

Legasi Azam Sdn Bhd will dispose of the 1.866-acre No.16 Jalan Kia Peng site in Malaysia's capital. The plot is vacant and carries a net book value of 269 million ringgit, as of Dec. 31, 2016, according to a release.

Malaysian Resources, an urban property and construction company, plans to use the asset sale to pivot its focus on larger local real estate developments in Bukit Jalil in Kuala Lumpur, and the Cyberjaya tech hub, PJ Sentral district and the Kwasa Sentral train station in Selangor.

The sale will depend on approval from Malaysia's Economic Planning Unit, which has to be obtained within six months of March 19, when the sale and purchase agreement was signed between Legasi and Perkeso. Malaysian Resources shareholder approval is not necessary for the divestment to close, which is anticipated to take place during the third quarter.

As of March 19, US$1 was equivalent to 3.93 ringgit.