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KUALA LUMPUR: GSB Group Bhd's unit Serta Usaha Sdn Bhd (SUSB) has entered into a conditional sale and purchase agreement with Leopad Holdings Sdn Bhd to sell its property, comprising land and a 13-storey hotel for RM22 million cash.
The property is situated in Jalan Kapar, off Jalan Syed Putra, in Kuala Lumpur.
GSB in a filing to Bursa Malaysia on Friday, Jan 21 said the proposed sale is expected to be completed within eight months from the date of the agreement.
The proposed sale would result in a one-off gain on disposal of about RM4.4 million for the financial year ending March 31, 2012, which represents a consolidated earnings per share of about 1.1 sen, it said.
GSB also said the proceeds arising from the proposed disposal will be utilised to repay bank borrowings and as working capital for the company.
"It is in line with the company's objective of unlocking the value of assets of the company, which are not currently used in the core businesses," it explained. — Bernama
The property is situated in Jalan Kapar, off Jalan Syed Putra, in Kuala Lumpur.
GSB in a filing to Bursa Malaysia on Friday, Jan 21 said the proposed sale is expected to be completed within eight months from the date of the agreement.
The proposed sale would result in a one-off gain on disposal of about RM4.4 million for the financial year ending March 31, 2012, which represents a consolidated earnings per share of about 1.1 sen, it said.
GSB also said the proceeds arising from the proposed disposal will be utilised to repay bank borrowings and as working capital for the company.
"It is in line with the company's objective of unlocking the value of assets of the company, which are not currently used in the core businesses," it explained. — Bernama
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