Asian Pac to sell land to Axis for RM49mil

Posted on | December 28, 2010

By BERNAMA

KUALA LUMPUR: Asian Pac Holdings Bhd has proposed to dispose of four pieces of land for RM49.11mil to Axis Milestone Sdn Bhd.

In a filing with Bursa Malaysia yesterday, it said proceeds from the disposal, via its wholly-owned unit, Safe Valley Sdn Bhd, would be used to pare down the group’s gearing and fund its working capital for other development projects.

“The four pieces of land are in Setapak and are expected to generate a gain on disposal of RM19.94 million for the group,” it said.

- Malaysia Property News

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