Kejuruteraan Asastera falls 2.38% on getting Bukit Raja land as debt settlement

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KUALA LUMPUR (July 12): Kejuruteraan Asastera Bhd (KAB) shares fell 2.38% at mid-morning after the firm said it will be transferred a piece of land in Bukit Raja, Selangor, as a form of debt settlement for unpaid subcontract works it completed for a mixed development project in Nilai, Seremban.

At 10.24am, KAB dipped 0.5 sen to 20.5 sen for a market capitalisation of RM72.57 million.

The leasehold residential land, measuring 6,015 sq m, comes with a price tag of RM3.47 million. On top of that, KAB will be paid RM1.54 million cash in 12 instalments.

It said this is the best possible arrangement for the company to recover part of the outstanding amount it was owed.

See also: Kejuruteraan Asastera gets Bukit Raja land as debt settlement