KUALA LUMPUR: Eden Inc Bhd
has received compensation from the government for the acquisition of its lands in Pahang for the purpose of the East Coast Rail Link (ECRL) project, totalling RM76.86 million.
In a filing with Bursa Malaysia today, the company said the decision for the consideration amount was made during the land hearing held on Aug 4, 2022 based on the facts presented by representatives from Eden and Malaysia Rail Link Sdn Bhd, a wholly-owned subsidiary of Minister of Finance Incorporated.
"The compulsory disposals arose as a result of the receipt from the land administrator of the notice to take possession of the lands under Section 18 of the Land Acquisition Act, 1960,” it said.
It said the compensation was subjected to the amount payable to the financial institutions to par down the loan, which is in line with the charge documents.
"The remaining balance is expected to be used for future business expansion, working capital and repayment of debts,” it said.
The company also added that the disposals were expected to result in a gain on compulsory disposals of RM45.84 million. - Bernama
