MRCB completes sale of KL land to Socso

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) has completed the disposal of a piece of land in Kuala Lumpur to the Social Security Organisation (Socso) for RM323 million cash.
MRCB told Bursa Malaysia that the deal was completed on July 3.
The land, which spans 1.866 acres, is located on Jalan Kia Peng and carries a net book value of RM269 million and a market value of RM323 million.
MRCB had said it was expecting a net gain of RM30 million from the disposal, which will improve its consolidated earnings per share for the financial year ending Dec 31. The original cost of investment for the land was RM267 million.
The proposed disposal allows MRCB to focus on its bigger property development projects such as projects in Bukit Jalil, Cyberjaya, PJ Sentral and Kwasa Sentral and at the same time have the flexibility to reallocate its cash flows and resources efficiently among those projects.
MRCB shares was unchanged at 60 sen today on 7.96 million shares traded.