Gabungan AQRS sells land for RM50.38mil

Gabungan AQRS Bhd has entered into a sale and purchase agreement with Stratmont Development Sdn Bhd for the disposal of a piece of land for a total consideration of RM50.38mil.

The 7.98-acre land forms part of a larger piece of land in Petaling district, Selangor, and has a net book value of RM29.93mil as at Dec 31, 2015.

The sale and purchase agreement was entered by Gabungan AQRS’ 52%-owned subsidiary, Prestige Field Development Sdn Bhd (PFD).

In a filing with Bursa Malaysia, it said the rationale for the proposed sale were to realise gain and to raise funds for working capital or repayment of bank borrowings of PFD.

This is also in line with the company’s de-gearing exercise to strengthen its financial footing.

“The proposed sale of land is expected to be completed by the fourth financial quarter of 2016,” it said. - The Star