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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.