Oilcorp disposing land in Klang

Posted on | December 16, 2009

By THE STAR


PETALING JAYA: Oilcorp Bhd said its subsidiary Anjur Vista Sdn Bhd (AVSB) has proposed to sell 343 acres in Klang, Selangor, to raise working capital for the group.

The sale was to be satisfied via the payment of RM4mil cash.

The buyer Logiston Sdn Bhd would also have to assume the outstanding liabilities amounting to RM41.58mil owed by AVSB to Central Spectrum (M) Sdn Bhd, it told Bursa Malaysia yesterday.

The net book value of the property stood at RM52.3mil as at Dec 31.

Oilcorp said the deal was subject to AVSB obtaining Central Spectrum’s written consent to the novation of the sale and purchase agreement by AVSB and Logiston.

- Malaysia Property News.net

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