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NewsWing Tai to record RM27.6m gain from land sale to Aeon
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Wing Tai to record RM27.6m gain from land sale to Aeon
by hlk Mon 08 Aug 2011, 08:14
KUALA LUMPUR: Wing Tai Malaysia Bhd expects to record a gain of RM27.63 million from the sale of two pieces of land in Seberang Perai, Penang to Aeon Co. Bhd for RM50.12 million cash consideration.
It said on Friday, Aug 5 the two pieces of land, about 7.29 ha and 4,625 sq metres, were currently vacant and Aeon planned to build a shopping complex with car park facilities.
Under the agreement, Wing Tai’s unit DNP Land would construct at its own cost certain infrastructure outside the site including road widening, installation of traffic lights and utility tap-off points.
“The proposed disposal represents an opportunity for WingTM group to dispose the sale property and to realise the cash from the disposal. The net proceeds from the proposed disposal shall be redeployed to WingTM Group’s other property development activities and/ or general working capital purposes,” it said.
Wing Tai said the proposed shopping center would enhance the prospect of the future phases of Taman Seri Impian project to be developed by DNP Land.
The net book value of the two pieces of land is RM12.483 million were acquired by DNP Land on Aug 26, 2005 at RM12.483 million.
DNP Land estimated RM10.01 million to be incurred for its compliance with the conditions including soil tests and clearance. WingTM Group expected to derive RM27.633 million before tax from the disposal.
It said on Friday, Aug 5 the two pieces of land, about 7.29 ha and 4,625 sq metres, were currently vacant and Aeon planned to build a shopping complex with car park facilities.
Under the agreement, Wing Tai’s unit DNP Land would construct at its own cost certain infrastructure outside the site including road widening, installation of traffic lights and utility tap-off points.
“The proposed disposal represents an opportunity for WingTM group to dispose the sale property and to realise the cash from the disposal. The net proceeds from the proposed disposal shall be redeployed to WingTM Group’s other property development activities and/ or general working capital purposes,” it said.
Wing Tai said the proposed shopping center would enhance the prospect of the future phases of Taman Seri Impian project to be developed by DNP Land.
The net book value of the two pieces of land is RM12.483 million were acquired by DNP Land on Aug 26, 2005 at RM12.483 million.
DNP Land estimated RM10.01 million to be incurred for its compliance with the conditions including soil tests and clearance. WingTM Group expected to derive RM27.633 million before tax from the disposal.
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