PETALING JAYA: Puncak Niaga Holdings Bhd
is disposing of three plots of leasehold land totaling 672,089 sq metres in Ijok, Selangor for RM306.07mil.
In a filing with Bursa Malaysia, Puncak Niaga said it would be disposing of the lands to Alpha Galaxy Sdn Bhd and Alpha Galaxy Bhd, which have common directors and shareholders.
“The proposed disposal of lands is in line with the company's strategy to monetise its land in Ijok as part of the group’s broader strategic thrust of sustainable value creation for the shareholders.”
Puncak Niaga said the proceeds from the disposal will be utilised for the repayment of bank borrowings and future investments, as well as general working capital.
