Friday 29 Mar 2024
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KUALA LUMPUR (Oct 13): Symphony Life Bhd's wholly-owned unit Prestige Capital Sdn Bhd is planning to sell six parcels of industrial development land in Ulu Langat, Selangor to Perdana Park City Sdn Bhd for RM250 million, which is more than two-thirds of Symphony Life's market capitalisation.

In a filing with the local stock exchange today, Symphony Life said Prestige Capital has accepted a letter of offer dated Sept 8 from Perdana Park City, to acquire the adjoining plots.

The proposed disposal of the parcels, which have a total provisional land area of 17.31 million square feet, is expected to result in a gain after tax of RM74.24 million for the group.

It will also increase the group's net assets per share to RM1.76 from RM1.62 as at March 31, 2020, and reduce the group's net gearing ratio to 14% for the financial year ending March 31, 2021 (FY21), from 30% in FY20, said Symphony Life.

"The proposed disposal is subject to sale and purchase agreement(s), of which the terms and conditions are to be determined at a later stage," said the property developer, adding the disposal is also subject to the approval of its shareholders.

Shares in Symphony Life closed one sen or 1.83% higher at 55.5 sen today, giving it a market capitalisation of RM350 million. Year-to-date, the counter has climbed 41% from when it was trading at 39.5 sen.

Edited ByTan Choe Choe
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