INSAS SUBSIDIARY DISPOSES LAND FOR RM14.87 MLN
KUALA LUMPUR, Dec 7 (Bernama) -- Insas Bhd's indirect wholly-owned subsidiary, Filmont Holdings Sdn Bhd, has entered into a sale and purchase agreement with Satin Magic Sdn Bhd to dispose of a 0.22 hectare freehold residential land in Bukit Damansara for RM14.87 million.
In a filing with Bursa Malaysia today, Insas said the sale consideration was arrived at on a “willing buyer-willing seller” basis through direct negotiation between the parties after taking into consideration the land’s market value of RM14.3 million.
“The disposal is part of the group’s asset rationalisation exercise to unlock and realise the increase in the value of its landed assets,” it said, adding that the sale consideration of RM14.87 million represented an appreciation of more than 180 per cent in value since the land was acquired in 2004.
“The disposal would also enable Filmont to participate in the future upside of the viable property development project in Bukit Damansara, Kuala Lumpur, by virtue of its 13 per cent equity interest in Satin Magic,” it added.
Insas said the disposal was expected to give rise to a small gain of RM0.1 million for the financial year ending June 30, 2019 after adjusting for relevant expenses and taxes.
-- BERNAMA
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