Latest news with #PLBLandSdnBhd
New Straits Times
02-05-2025
- Business
- New Straits Times
PLB Engineering to dispose of land in Penang for RM48mil
KUALA LUMPUR: PLB Engineering Bhd's wholly owned subsidiary PLB Land Sdn Bhd has entered into a sale and purchase agreement with Telaga Raya Sdn Bhd to dispose of 80.72 hectares of land in Tasik Gelugor, Penang, for RM48 million. In a filing with Bursa Malaysia today, PLB said the disposal forms part of the group's strategy to monetise and crystallise the value of its landbank. The company said the proceeds from the proposed disposal will be used to repay bank borrowings, thereby reducing the group's gearing level, improving its financial position by enhancing the current ratio, and strengthening cash flow through lower interest expenses. "Based on the consideration of RM48 million, the proposed disposal is expected to result in a gain of approximately RM12.88 million," it said. PLB added that the proposed disposal will not have any effect on its issued share capital or substantial shareholders' shareholdings, as it will be fully satisfied in cash without involving the issuance of new ordinary shares. Barring any unforeseen circumstances and subject to all relevant approvals being obtained, the proposed disposal is expected to be completed by 2025.
The Star
02-05-2025
- Business
- The Star
PLB Engineering unit to dispose of Penang land for RM48mil
KUALA LUMPUR: PLB Engineering Bhd 's wholly-owned subsidiary, PLB Land Sdn Bhd, is disposing of five parcels of vacant freehold land at Jarak Atas, Tasik Gelugor, in Penang for RM48mil to repay bank debts and improve its cash flow. The group said it purchased the lands - which have a combined size of 807,157sqm - for RM25.48mil back in June 11, 2013. As at Aug 31, 2024, the lands held a net book value of RM30.38mil. PLB expects to gain about RM12.88mil from the disposal, after deducting the investment cost and land related cost for the six months ended Feb 28, 2025, as well as estimated expenses and taxation. PLB said in its bourse filing it plans to utilise the proceeds of the sale to repay bank borrowings of RM10mil and trade creditors and working capital of RM33.33mil. Of the remaining proceeds, RM606,000 will be used to cover the estimated expenses of the proposed disposal, and RM4.07mil go to taxes. The proposed disposal is expected to be completed in 2025.
