Selangor Properties signs SPA for sale of land for RM450 mil

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KUALA LUMPUR (Sept 30): Selangor Properties Bhd announced that its wholly-owned subsidiaries Bungsar Hill Holdings Sdn Bhd, Oriseven Sdn Bhd, Orieight Sdn Bhd and Orinine Sdn Bhd have today signed the sales and purchase agreement (SPA) with Jendela Mayang Sdn Bhd, for the disposal of a 25,686 square meters land in Pusat Bandar Damansara for RM450 million cash.

The proposed sale of the land was first announced back in March.

In the filing today, Selangor Properties said it would utilise RM237 million from the proceeds to pare down its borrowings, and the rest for working capital/acquisitions.

The counter closed 3 sen lower at RM5.83 today, with a market capitalisation of RM2.01 billion.