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KUALA LUMPUR (Aug 13): Majuperak Holdings Bhd has entered into a land swap deal to dispose of four plots of its land valued at RM100 milllion in Sungai Raya to the Perak State Economic Development Corporation (PKNP) in exchange for three pieces of land valued at RM140 million in Hulu Kinta

In a filing today, Majuperak said the difference of RM40 million will be deemed as an amount owed by the group to PKNP. Majuperak will issue a promissory note in favour of PKNP with a 12-month maturity from the completion of the agreement, it said.

Majuperak entered into the agreement through its wholly-owned unit Majuperak Energy Resources Sdn Bhd (MERSB).

“The proposed land swap represents an opportunity for Majuperak to unlock the value of its investments in MERSB lands. In this respect, the group is expected to record a one-off pro forma net gain of RM38.66 million from the disposal,” it said.

This is after deducting the carrying value of the four land plots of RM56.98 million, as well as other taxes related to the transactions.

Majuperak said two of the plots to be passed to PKNP house a solar farm owned by MERSB and an on-going kaolin mining operation, which will be carved out from the transactions.

On the other hand, the PKNP land plots are located in Phase two of the Perak government’s Silver Valley Technology Park (SVTP).

“SVTP is one of the high impact projects identified under the Northern Corridor Economic Region (NCER) strategic development plan (2021-2025) that will contribute directly and significantly towards generating new job opportunities, nurturing more local entrepreneurs, creating a high-income society and attracting more private sector investment,” said Majuperak.

Shares of Majuperak settled up half a sen or 1.28% at 39.5 sen, valuing the group at RM112.35 million.

Source from: Edge Prop/Adam Aziz,  13 Aug 2021

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