KUALA LUMPUR — Nov. 15, 2018: Utusan Melayu (M) Berhad is selling a 4,715 square metres plot of land on Jalan Tiga, Chan Sow Lin, to Strong Skyhutch Sdn Bhd for RM18.0 million.
In a filing with Bursa Malaysia today, Utusan said the proposed disposal will enable the company to unlock the immediate value of the property.
The board is of the opinion that the proposed disposal is in the best interest of Utusan Group as this will enable it to raise funds for the group’s working capital, it said.
Utusan’s original cost for the land was RM813,191 when it was bought in 1979 and the media group expects the sale to be completed by June next year. — Bernama