KUALA LUMPUR, Sept 12 — Mah Sing Group Bhd’s wholly owned subsidiary, Klassik Tropika Development Sdn Bhd, has entered into a sale and purchase agreement with Morningjoy Sdn Bhd to dispose of freehold land in Penang for RM66.33 million cash.
The property group said the disposal is expected to generate a gain of approximately RM1.8 million upon completion after deducting all the estimated expenses for the exercise.
The freehold land, measuring approximately 13,694.95 square metres, is located at Bandar George Town.
The disposal is expected to be completed in the fourth quarter of 2022.
“The proposed disposal is in line with the group’s strategy to focus more on the M-Series type of residential land for development of affordable properties that are in line with current market demand,” it said in reference to one of its property products.
Mah Sing said the disposal of the land and replacing it with the M-Series type of land with a faster turnaround time would help optimise the efficiency of the group’s landbank.
The exercise has no impact on the issued share capital and the shareholdings of the substantial shareholders of Mah Sing as it does not involve any issuance of new ordinary shares in the group, the property developer said. — Bernama