Boustead Plantations Unlocking Value via Land Disposal
KUALA LUMPUR, September 8, 2015 – Boustead Plantations Berhad (BPB) is set to dispose of six parcels of land located in Kulaijaya, Johor. The combined land area comprises 104.4 hectares, with a total cash consideration of RM60.7 million.
BPB and its wholly-owned subsidiary, Boustead Sungai Manar Sdn Bhd, have entered into sales and purchase agreements with YTL Cement Berhad for the proposed disposal of lands used primarily for quarry activities. The proposed disposal is part of BPB’s continuous drive to unlock the value of its land bank which are non-core to the Group.
The sale consideration was reached on a willing-seller-willing-buyer basis, factoring in the fair market value of the land based on an independent professional valuation.
BPB is expected to realise a total estimated gain of RM52.4 million upon completion of the proposed disposal, which translates into a gain of approximately 3.3 sen per BPB share for the financial year ending 31 December 2015.
Forward looking statements
This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
on behalf of: Boustead Holdings Berhad
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