Ho Hup plans to dispose of KL land

Posted on | March 3, 2009

By BUSINESS TIMES

HO HUP Construction Co Bhd plans to dispose of two of its freehold land in Kuala Lumpur for a total of RM29.24 million in cash.

The company told Bursa Malaysia yesterday that its 70 per cent subsidiary, Bukit Jalil Development Sdn Bhd (BJD), has entered into agreements with Ehsan Hardware Sdn Bhd and Permata Juang (M) Sdn Bhd, a wholly-owned subsidiary of Magna Prima Bhd, to dispose lands worth RM9.83 million and RM19.41 million respectively.

The proposed disposals will enable BJD to realise higher price for the lands and raise funds for working capital purposes. Part of proceeds will be used to pay up debts.

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