KUALA LUMPUR: Guocoland (Malaysia) Bhd has entered into a conditional sale and purchase agreement to acquire a 3,030-sq m piece of freehold land with two residential buildings in Changkat Kia Peng, Kuala Lumpur, for RM55.5 million cash. Goucoland said the purchase of the land in Changkat Kia Peng, acquired on an “as-is-where-is” basis, would be financed internally and from bank borrowings, and was expected to increase the company’s gearing to 13% from 7% based on its audited accounts as at June 30, 2007. Under the agreement, Sabna would pay a RM5.5 million deposit for the purchase, with the RM49.9 million balance to be paid no later than two months from the date on which all conditions precedent were fulfilled, it said. The residential buildings located on the land comprised two bungalows which were currently owner-occupied, it added.
(15-1-2008 The Edge)
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