Hap Seng unit sells 2 land parcels in Sabah for RM278m

KUALA LUMPUR: Hap Seng Consolidated Bhd’s unit, Hap Seng Properties Development Sdn Bhd, has entered into two separate sale and purchase agreements to dispose of two parcels of leasehold land in Sabah for RM278 million.

“The proposed disposals are in the ordinary course of business of the vendor which is a company principally involved in property development.

“They are in line with the group’s policy to divest non-strategic properties in Sabah and Sarawak to enable it to position itself in prime locations within Peninsular Malaysia,” it said in a filing with Bursa Malaysia yesterday.

The proposed disposals are expected to be completed in the second quarter of 2014. — Bernama


This article first appeared in The Edge Financial Daily, on June 20, 2014.

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