Friday 29 Mar 2024
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KUALA LUMPUR (Sept 23): Farlim Group (M) Bhd is selling 47ha (116.89 acres) of land within Penang's Bandar Air Itam area to 1Malaysia Development Bhd (1MDB) for RM112.5 million cash.

In a statement to the exchange, Farlim, a property developer, said it has signed a conditional sale and purchase agreement with 1MDB's unit 1MDB RE (Ayer Itam) Sdn Bhd. The proposed transaction involves three separate freehold tracts.

"Farlim currently owns only a fraction of the undivided share of the land. The proposed disposal will enable the company to unlock the value of the disposal land and realise a gain on disposal of approximately RM46.11 million upon completion of the proposed disposal.

"The proposed disposal will also enable the company to raise funds for future development projects to be undertaken by the company," Farlim said.

Farlim expects to finalise the transaction by the second quarter of 2014.


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