Utusan sells Jalan Tiga land for RM18mil

KUALA LUMPUR: Utusan Melayu (M) Bhd, the publisher of Utusan Malaysia, has proposed to sell a piece of industrial land in Kuala Lumpur for RM18mil to raise cash.

The PN17 company told the stock exchange on Thursday that net proceed from the disposal of the 4,715 square meters plot of leasehold land, located at Jalan Tiga Off Jalan Chan Sow Lin are intended to be utilised as working capital requirements.

“The proposed disposal provides an opportunity for Utusan to unlock the immediate value of the property,” it said.

The company on Thursday entered into a conditional sale and purchase agreement with Strong Skyhutch for the disposal of the land. The purchase price, it said, was arrived at on a willing-buyer willing-seller basis through direct negotiation.

Source: TheStar