KUALA LUMPUR, April 8 Malaysian conglomerate
DRB-Hicom Bhd has sold land in the southern state of
Johor to a property developer for 534.73 million ringgit
($174.89 million), it said on Monday.
DRB-Hicom, owned by tycoon Syed Mokhtar Al-Bukhary, has sold
248 hectares (1 sq mile) to a unit of Malaysian construction and
investment firm Eco World Development Sdn Bhd, according to
stock exchange filing.
"Given the large landbank DRB-Hicom presently owns ... the
proposed Johor lands disposal allows the group to immediately
capitalise on the increasing demand for land in Johor,"
Malaysia wants to aggressively develop Johor, especially the
Iskandar region, a 2,200 square km (850 square mile) economic
zone three times the size of Singapore, separated from the
wealthy city-state by a narrow strip of water.
DRB-Hicom also sold a three-hectare area in the capital city
Kuala Lumpur to another unit of Eco World for 69.92 million
ringgit ($22.87 million).
DRB-Hicom expects to make profit of 143.72 million ($47
million) the sale of the land, it said.
Shares in DRB-Hicom remained unchanged at 2.59 ringgit per
share. The benchmark stock index dropped 0.04 percent.
($1 = 3.0575 Malaysian ringgit)
(Reporting By Yantoultra Ngui; Editing by Daniel Magnowski)