PETALING JAYA: Citaglobal Bhd
reveals that it has no immediate plans to develop the 1.58-acre land on Jalan Tun Razak, Kuala Lumpur, which it intends to acquire from Bank Islam Malaysia Bhd.
In a filing with Bursa Malaysia, the construction engineering company said the decision not to develop the land was a strategic approach to maximise long-term value creation.
Citaglobal announced last week that its indirect wholly-owned subsidiary, Sinergi Dayang Sdn Bhd, had acquired the 6,410 sq m parcel of leasehold land from Bank Islam for RM73mil.
On the net book value of the land, Citaglobal said it was unable to disclose its value, as it is not privy to this information from Bank Islam.
