Eden Inc shares up on compensation for ECRL land sale

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KUALA LUMPUR (March 5): Eden Inc Bhd’s share price rose as much as one sen or 4% to 26 sen in morning trades today after the diversified company said yesterday it had on Friday (Feb 28) received compensation amounting to RM16.71 million from the Malaysian government due to the compulsory disposal of Eden's 6.39ha land in Kuantan, Pahang for the proposed East Coast Rail Link (ECRL) project.

At 9:02am today, Eden shares were traded unchanged at 25 sen with some two million shares transacted among Bursa Malaysia’s most-active counters. At 26 sen, Eden has a market capitalisation of RM100.84 million.

Yesterday, Eden said in a Bursa filing : "The compulsory disposal arose as a result of the receipt from the Land Administrator of the notice to take possession of the land under section 18 of the Land Acquisition Act, 1960."

"The compulsory disposal has been completed. The compulsory disposal is expected to result in a gain on disposal of RM10.93 million," Eden said.