Advance Synergy active, up 7.14% on plan to sell for RM124 million

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KUALA LUMPUR (May 13): Advance Synergy Bhd shares rose 7.14% in active trade this morning after the firm said it is selling a piece of land in Pekan Baru Hicom, Shah Alam to Singapore's real estate giant Mapletree Investments Pte Ltd for RM124 million.

At 9.10am, Advance Synergy rose 1 sen to 15 sen with 6.47 million shares traded.

The hotel and resort operator said it is expecting to record a net gain of RM81.82 million or 8.81 sen per share after the proposed disposal. Its original cost of investment in the land and buildings was RM39.99 million as at June 3, 2003.

The group added that it plans to use the proceeds from the proposed disposal to repay borrowings, for working capital and pay expenses in relation to the transaction.