KUALA LUMPUR (Aug 18): Jaks Resources Bhd is selling off four parcels of land to a unit of Sunway Bhd for a total cash amount of RM167.59 million.

In a filing with the bourse today, Jaks said its wholly-owned unit Premier Place Property Sdn Bhd had signed a sale and purchase agreement with Sunway's unit Sunway Supply Chain Enterprise Sdn Bhd on July 31, 2017 to dispose of four parcels of freehold land totalling approximately 5.988 hectares.

All four lands are located within Taman Perindustrian Sungai Penaga in Petaling Jaya, Selangor.

The proposed disposal will enable Jaks Group to unlock capital resources from being tied up as long-term assets and realise the value of the lands at a fair market value, while enhancing the group's liquidity and strengthening its financial position, the group said.

"The net proceeds of RM150.98 million (after deducting costs and expenses) will be used by the group to repay its bank borrowings and for its working capital expenses," it said.

As at 2.20pm, Jaks shares traded five sen or 3.55% lower at RM1.36, for a market value of RM655.86 million.