Lion Diversified gets RM11.74m compensation for land compulsorily acquired in Kuala Langat

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KUALA LUMPUR (April 6): Lion Diversified Holdings Bhd said part of its land in Kuala Langat district in Selangor has been compulsorily acquired by the land office, with a compensation sum of RM11.74 million.

The group said the land was required for the routing of the 500kV power transmission by Tenaga Nasional Bhd.

"The company had on April 4, 2018 received the compensation sum. The compensation sum was accepted under protest," it said in a filing to Bursa Malaysia.

Lion Diversified last month saw another part of its land compulsorily acquired to cater for the transmission line as well, with the group accepting compensation of RM9.9 million.

For the second quarter ended Dec 31, 2017, the group saw narrower losses of RM4.75 million compare to RM17.83 million a year earlier, while revenue more than halved to RM52.95 million from RM129.23 million.

Trading in the shares of Lion Diversified had been suspended since March 22, as the Practice Note 17 company failed to submit its regularisation plan. The company is currently appealing against the possible delisting of its shares.

The counter was last traded at 0.5 sen, giving a market capitalisation of RM6.96 million.