YNH Property's units inks land disposal deals in Perak valued at RM63.5mil

KUALA LUMPUR: YNH Property Bhd's wholly-owned subsidiaries have inked deals valued at a combined RM63.5mil over the last 12 months for the disposal of lands in Perak.

In a filing with Bursa Malaysia, the group said its units, namely Hotel Sfera Sdn Bhd, Kar Sin Bhd and Mesra Unggul Sdn Bhd entered into five separate sales and purchase agreements for the disposal of tracts of land in Lumut and Sayung in Perak.

The purchasers of the land include Kmart Sdn Bhd, Provigo Sdn Bhd and Invesco Asset Sdn Bhd.

According to the statement, the group is expected to record a pro forma net gain of about RM23.96mil.

The group plans to utilise the proceeds of the disposal for the repayment of outstanding loans and working capital.