Diversified Sanbumi Holdings Bhd is selling six contiguous parcels of freehold land with a combined area of some four hectares (10 acres) in Seberang Prai to Mydin Wholesale Cash and Carry Sdn Bhd for RM24.28 million.
Proceeds from the sale would be used to finance the expansion of Sanbumi’s hospitality business, Sanbumi told the stock exchange yesterday.
“The company intends to utilise the proceeds from the disposal for working capital purpose,” Sanbumi said, adding that it would incur a loss of RM1.06 million from land sale.
This article appeared in The Edge Financial Daily, July 2, 2010.
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