Gabungan AQRS unit sells land for RM35m

Monday, March 20, 2017

Gabungan AQRS Bhd’s 52%-owned subsidiary, Prestige Field Development Sdn Bhd, is selling its leasehold land in Mukim Petaling, Selangor, for RM34.73 million cash to Ara Indah Development Sdn Bhd.

In an exchange filing last Friday, the construction and property firm noted the land measures 20,861 sq m and the sale was part of its monetisation programme to raise funds as working capital for the group’s construction orderbook of RM1.7 billion, as well as to repay bank borrowings which is in line with the group’s de-gearing exercise to strengthen its financial footing.

Gabungan AQRS added it plans to dispose of the entire parcel of leasehold land measuring 77,416 sq m in Mukim Dengkil, Selangor, when the Master En-Bloc Purchase Agreement is executed with PR1MA Corp Malaysia, expected to be completed by the first-quarter for the financial year ending March 31, 2017.

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