Jaks Resources selling four parcels of land to Sunway for RM167.59m

PETALING JAYA: Jaks Resources Bhd's subsidiary Premier Place Property Sdn Bhd is selling 5.988 hectares of land in Sungei Penaga Industrial Park, Subang Jaya to Sunway Bhd's Sunway Supply Chain Enterprise Sdn Bhd for RM167.59 million.

The sale will mean a gain of RM150.98 million for Jaks, which will be used to repay bank borrowings and for working capital expenses.

Jaks share price was down two sen to RM1.41 today, with some 4.97 million shares changing hands. It has a market capitalisation of RM679.97 million.