KUALA LUMPUR (Nov 7): Property developer and resort operator Sentoria Group Bhd plans to give up ownership of part of a plot of land for its Langkawi Geopark Resort City project to bring in a strategic investor for the resort development.
Its 75%-owned unit Sentoria Langkawi Sdn Bhd is planning to sell the 35-acre leasehold plot for RM49.5 million to I Strada Sdn Bhd. Sentoria Langkawi has accepted a Letter of Intent (LoI) for the proposed disposal today.
Besides roping in a strategic investor for the project, Sentoria said the proposed disposal will allow it to realise the value of its landbank to enhance its profitability and shareholder value.
While the LoI is valid for 14 days and may be further extended upon mutual agreement, the effects of the proposed disposal will only be determined upon the group entering and executing the relevant definitive agreements, said Sentoria.
Sentoria shares closed half a sen or 2.44% lower at 20 sen today, valuing the company at RM111.54 million. Over the past year, the group's share price has halved from when it was trading at 40 sen.