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:::. BREAKING NEWS .::::::
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| DKLS proposes to buy land for RM32mil [ 17/02/2003 ] |
DKLS Industries Bhd has proposed to buy land in the Mont Kiara area for RM32mil and develop it in a joint venture with housing developer Nam Hup Seng Development Sdn Bhd.
DKLS would acquire the land from Dayadina Kiara Point Sdn Bhd (DKP), a 22.67% associate company, as the existing DKP shareholders wanted to dispose of their interest in the property, the company said in a statement on Friday.
The land has a carrying value of RM19.1mil on the books of DKP.
DKLS said the proposed acquisition would represent a strategic opportunity for DKLS to unlock the value of the property.
The company will make an initial capital outlay of RM9.6mil to buy the land.
This would come from DKLS's internally generated funds.
The proposed joint venture is valued at RM22.4mil.
Source : The Star 17/2/2003 |
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