YFG to sell Bukit Jelutong land for RM17.6m
March 2, 2015 : 6:44 PM MYT
KUALA LUMPUR (March 2): YFG Bhd ( Financial Dashboard)’s wholly-owned subsidiary, YFG Properties Sdn Bhd (YFGP), has proposed to dispose of a piece of freehold land in Bukit Jelutong, together with a three-storey office building and an annexed single storey warehouse to Rangkaian Handal Sdn Bhd for RM17.6 million.
In a filing with Bursa Malaysia today, YFG said it expects to book a net gain of RM1.88 million from the disposal, translating into a consolidated earnings per share (EPS) of 31 sen for the financial year ending June 30, 2015.
“The property was acquired by YFGP on Aug 16, 2012 at a cost of RM13.20 million and YFGP had since then incurred additional costs of about RM1.52 million for renovation, legal fees and stamp duty,” it said.
Out of the total proceeds, YFG (fundamental: 0.15; valuation: 0.6) has allocated RM13.5 million to repay borrowings, RM3.095 million for working capital and the remaining RM1.005 million to cover expenses incurred for the disposal.
Pursuant to the disposal, YFG will be relocating its operations to another premise, yet to be determined.
In the event that the disposal is completed before the company relocates its operations, YFG said it will occupy the property on a tenanted basis until the relocation is completed.
YFG shares fell 0.5 sen or 6.7% to 7 sen today, bringing its market capitalisation to RM45.7 million.
theedgemarkets.com
March 2, 2015 : 6:44 PM MYT
KUALA LUMPUR (March 2): YFG Bhd ( Financial Dashboard)’s wholly-owned subsidiary, YFG Properties Sdn Bhd (YFGP), has proposed to dispose of a piece of freehold land in Bukit Jelutong, together with a three-storey office building and an annexed single storey warehouse to Rangkaian Handal Sdn Bhd for RM17.6 million.
In a filing with Bursa Malaysia today, YFG said it expects to book a net gain of RM1.88 million from the disposal, translating into a consolidated earnings per share (EPS) of 31 sen for the financial year ending June 30, 2015.
“The property was acquired by YFGP on Aug 16, 2012 at a cost of RM13.20 million and YFGP had since then incurred additional costs of about RM1.52 million for renovation, legal fees and stamp duty,” it said.
Out of the total proceeds, YFG (fundamental: 0.15; valuation: 0.6) has allocated RM13.5 million to repay borrowings, RM3.095 million for working capital and the remaining RM1.005 million to cover expenses incurred for the disposal.
Pursuant to the disposal, YFG will be relocating its operations to another premise, yet to be determined.
In the event that the disposal is completed before the company relocates its operations, YFG said it will occupy the property on a tenanted basis until the relocation is completed.
YFG shares fell 0.5 sen or 6.7% to 7 sen today, bringing its market capitalisation to RM45.7 million.
theedgemarkets.com
