Bina Darulaman sells land in Kedah for RM24m

by TMR/ pic credit: bdb.com.my

BINA Darulaman Bhd’s (BDB) unit, BDB Land Sdn Bhd, has entered into a sale and purchase agreement with Paramount Property (Utara) Sdn Bhd to sell two parcels of agricultural land in Bandar Amanjaya, Kedah, for RM24.02 million.

The sale of the plots of land, measuring 25.34ha and 30.13ha each, will help unlock value for the group as it has no plans to develop them, it said in a Bursa filing yesterday.

The money will be used for its working capital requirements and/or repayment of borrowings of the company.

The company is expected to make a RM9.6 million disposal gain, which will increase BDB’s consolidated earnings per share by three sen for the financial year ending Dec 31, 2020, and also reduce BDB’s gearing ratio from 0.28 times to 0.25 times.

BDB is an investment holding company with its subsidiaries being household names in Kedah with regard to property and township development, construction, road building and maintenance, quarry, and golf, as well as tourism, leisure and hospitality.