KUALA LUMPUR (Aug 13): Mynews Holdings Bhd is disposing of two units of property in Kepong to the sons of its non-independent and non-executive director Dang Tai Hock for RM3.4 million.
Tai Hock is the elder brother of MyNews chief executive officer Dang Tai Luk and deputy chief executive officer Dang Tai Wen.
In a filing with Bursa Malaysia today, the group said the properties are being sold by its wholly-owned subsidiary Mynews Retail Sdn Bhd to Samuel Dang Kuok Wee and Dang Kuok Ian.
The properties comprise a piece of freehold land with built up area of 2,750 sq ft and land area of 2,002 sq ft consisting of two units of one-and-a-half storey terrace factory lot.
They were used as Mynews’ corporate office before the relocation to its current premises in Kota Damansara on May 18, the group said.
Mynews said that the sale proceeds are to be used as working capital for Mynews Retail's growth and expansion plan.
It added that the disposal is expected to result in a net gain after real property gains tax of about RM63,000.
Mynews' shares closed up 4 sen or 2.74% at RM1.50 today, for a market capitalisation of RM1.023 billion.