<div class=newsTextDataWrapInner><p>This article first appeared in <em>The Edge Financial Daily</em>, on October 13, 2015.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>KUALA LUMPUR: Glomac Bhd plans to dispose of a piece of freehold land measuring about 16.9ha in Ulu Langat, Selangor, to Perbadanan PR1MA Malaysia (PR1MA) for RM145.59 million cash.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The disposal is expected to bring Glomac an estimated net gain of about RM83.6 million or 12 sen per share, according to the group’s filing with Bursa Malaysia yesterday.</p></div>

<div class=newsTextDataWrapInner><p>Glomac’s wholly-owned subsidiary Glomac Maju Sdn Bhd (GMSB) entered into a sale and purchase agreement with PR1MA for the disposal last Friday, which it said would allow GMSB to unlock the potential value of its land bank, generate income and increase opportunities for immediate and/or future acquisitions of more strategic land bank.</p></div>

<div class=newsTextDataWrapInner><p>The land, bought by Glomac in 2004, originally cost it RM18.04 million. Its net book value is RM35.53 million.</p></div>

<div class=newsTextDataWrapInner><p>The deal, not subject to shareholders’ approval, is expected to be completed on March 31, 2016.</p></div>

<div class=newsTextDataWrapInner><p>Proceeds from the disposal are expected to be utilised for future acquisitions of land bank, and to finance payment of bank borrowings, working capital and land-related expenses of GMSB.</p></div>

<div class=newsTextDataWrapInner><p>Glomac (fundamental: 1.2; valuation: 2.4) closed unchanged at 89.5 sen yesterday, with a market capitalisation of RM649.72 million.</p></div>


This article first appeared in The Edge Financial Daily, on October 13, 2015.

 

KUALA LUMPUR: Glomac Bhd plans to dispose of a piece of freehold land measuring about 16.9ha in Ulu Langat, Selangor, to Perbadanan PR1MA Malaysia (PR1MA) for RM145.59 million cash.

Glomac to sell Selangor land to PR1MA for RM145.59m

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<p>Prime Minister Datuk Seri Anwar Ibrahim arrived in Kota Kinabalu on Friday night for a one-day working visit to the state.</p>

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<p>A Philippine freight railway project may be built with the support of the US and Japan, an official in charge of it said, as Manila seeks alternative financing deals after dropping funding talks with China.</p>


<p>A highly anticipated Bitcoin software update called the “halving” has been completed, dealing a potential blow to the companies that make money by ensuring that the digital currency functions smoothly and securely.</p>


<p>The ringgit is likely to trade in the same range of around 4.78 against the US dollar next week, as the situation in the Middle East will continue to be under scrutiny by investors, said an analyst.</p>


<p>Persistent inflation and higher-for-longer interest rates were cited as key risks to financial stability in the Federal Reserve's (Fed) latest survey of US central bank contacts, with geopolitical troubles and the 2024 US presidential election also mentioned as "a potentially significant source of shocks".</p>


<p>Shareholders of the International Monetary Fund (IMF) agreed this week on the importance of addressing challenges faced by low-income countries, many of which are facing unsustainable debt burdens, IMF Managing Director Kristalina Georgieva said on Friday.</p>


<p>The World Bank on Friday said that 11 countries have pledged to contribute over US$11 billion (RM52.62 billion) to new hybrid capital and portfolio guarantee instruments designed to expand the bank's financing capacity by US$70 billion over a decade to tackle climate change, pandemics and other global challenges.</p>
