Boustead Prop sells land for RM30m

Posted on | July 3, 2007

By THE EDGE

Boustead Properties Bhd’s 76% subsidiary Akademi Pendidikan Pemandu Malaysia Sdn Bhd (APPM) is selling a 30,490 sq m piece of leasehold land in Setapak here to Crystalville Sdn Bhd for RM30 million cash.

Boustead Properties said it acquired the land, which has a remaining lease of 89 years, in 1997 for RM14.5 million. It added that the net book value as at Dec 31, 2006, was RM22.6 million.

It added that sale of the land would allow APPM to realise cash proceeds to repay borrowings taken to acquire the land in the first place.

It said the disposal was expected to increase its net assets of by RM7.5 million and earnings per share for the year ending Dec 31, 2007, by 2.9 sen.

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