PETALING JAYA: Harn Len Corp Bhd
is disposing of a piece of land measuring 3,725.8 sq metres in Johor Baru, Johor to Starsea Resources Sdn Bhd for RM55mil.
In a filing with Bursa Malaysia, Harn Len said the land is located within the northern portion of the central business district of Johor Baru city centre and within the Ibrahim International Business District transformation plan.
“The land remains vacant and is currently being used as a public parking with a monthly rental of RM11,000.
“Accordingly, the proposed disposal provides Harn Len Group an opportunity to unlock and realise the value of the land which represents part of its non-core assets, whilst providing a surplus cash flow arising from the sale of the land.
Harn Len added that the availability of the surplus cash flow will enable the company to reaffirm its commitment to expand its business in the food security segment.
“Upon completion of the proposed disposal, Harn Len Group will also be able to record a net gain on disposal of the Land of approximately RM33.6mil.”
