Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 11): MMC Corp Bhd has sold three parcels of land totalling 188.7 acres in Senai Airport City, Johor to I-Park Sdn Bhd, a member of US-based AME Group, for RM369.97 million cash — a price that is more than double its original purchase price of RM140.5 million.

The disposal is undertaken by Senai Airport City Sdn Bhd (SACSB), a wholly-owned unit of Senai Airport Terminal Services Sdn Bhd, which in turn is wholly owned by MMC. SACSB owns a total of 2,718 acres in Senai Airport City, and is the master developer for integrated industrial development.

In an announcement to Bursa Malaysia today, MMC said the land was purchased at RM140.5 million in 2009. The total book value of the tract amounted to RM170.17 million in MMC’s financial accounts as at Dec 31, 2014.

The group said the land disposal would result in an estimated gain of RM153.5 million or five sen per share. This would be a big boost to MMC’s earnings.

MMC's (fundamental: 0.4; valuation: 2) shares closed down 3.63% at RM1.86 today, bringing it's market capitalisation to RM5.88 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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