KUALA LUMPUR:'' MENANG CORPORATION (M) BHD []'s 71% subsidiary Inovatif Mewah Sdn Bhd has accepted an offer by the Negeri Sembilan state government to compulsorily acquire its three pieces of land totaling 21.12ha for RM35.47 million.
Menang Corp said on Friday, Sept 24 the compulsory land acquisitions by the state government was for the development and CONSTRUCTION [] of a new campus for Universiti Teknologi Mara.
The company said the three pieces of land were situated within the Seremban 3 Township currently being developed by Menang Corp, and that the net book value of the land as at Aug 21, 2010 was about RM28.61 million.
It said the gross proceeds of the RM35.47 million received for the land acquisition would be largely utilised to pay down outstanding bank borrowings and other debts, and the balance for working capital.
Menang Corp said on Friday, Sept 24 the compulsory land acquisitions by the state government was for the development and CONSTRUCTION [] of a new campus for Universiti Teknologi Mara.
The company said the three pieces of land were situated within the Seremban 3 Township currently being developed by Menang Corp, and that the net book value of the land as at Aug 21, 2010 was about RM28.61 million.
It said the gross proceeds of the RM35.47 million received for the land acquisition would be largely utilised to pay down outstanding bank borrowings and other debts, and the balance for working capital.
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