KUALA LUMPUR (Jan 14): See Hup Consolidated Bhd is selling nine plots of land in Penang measuring 853,863 sq ft in total for RM46.96 million cash to Tek Seng Holdings Bhd and a vehicle controlled by the latter’s executive chairman and managing director.
In a bourse filing, See Hup said the proposed disposal is expected to generate a pro forma gain of RM28.05 million. The market value of the property is RM45.20 million, as appraised by C H Williams.
The transportation and logistics company announced that its wholly-owned subsidiary Limsa Ekuiti Sdn Bhd had entered into a conditional sale and purchase agreement (SPA) with Tek Seng's subsidiary Wangsaga Industries Bhd and Tek Seng Properties & Development Sdn Bhd for the parcel of industrial land.