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Puncak Niaga Arm to Sell Two Land Plots in Malaysia for MYR237.2 Million

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Puncak Niaga Management Services, a wholly-owned subsidiary of Puncak Niaga Holdings Berhad (KLSE:PUNCAK), has agreed to sell two land parcels in Ijok in Kuala Selangor, Malaysia, to Alpha Galaxy for a total of 237.2 million ringgit, according to a Tuesday filing with the Malaysian bourse.

The amount will be paid in cash progressively over 48 months from the date of the share purchase agreement. The funds from the sale will be used to repay bank loans.

Under the agreement, two adjoining tracts of development leasehold sites will be sold for 118.68 million ringgit and 118.47 million ringgit, respectively.

The proposed disposal is expected to generate an estimated net gain of about 8.9 million ringgit.

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Puncak Niaga Arm to Sell Two Land Plots in Malaysia for MYR237.2 Million | FINWIRES