Gabungan AQRS unit to sell land for RM34.73m

PETALING JAYA: Gabungan AQRS Bhd’s 52%-owned subsidiary Prestige Field Development Sdn Bhd (PFDSB) has proposed to sell a piece of leasehold land measuring 5.15ha in Petaling to Ara Indah Development Sdn Bhd for RM34.73 million.
In a filing with Bursa Malaysia last Friday, the group said the proposed sale is part of its ongoing monetisation programme whereby it disposes of selected pieces of land to raise funds as working capital for its construction order book of some RM1.7 billion.
It also aims to raise funds to repay bank borrowings, which is in line with the group’s de-gearing exercise to strengthen its financial footing. The estimated gain from the proposed sale is about RM6.8 million net of tax.
In addition, Gabungan AQRS plans to dispose of all leasehold land measuring about 19.13ha forming part of the land in Dengkil, Sepang when the master en-bloc purchase agreement is executed with PR1MA Corporation Malaysia, which is expected by end of the first financial quarter ending March 31, 2017.