KUALA LUMPUR: UMW Holdings Bhd's unit, UMW Corporation Sdn Bhd, is selling 47.424ha leasehold land for RM49.1 million to Perodua Sales Sdn Bhd, a unit of Perusahaan Otomobil Kedua Sdn Bhd (Perodua).
The expected gains from the proposed disposal is RM29.6 million, the company said in a filing to Bursa Malaysia today.
"Proceeds from the land sale will be utilised for working capital," the group said, adding that the land would enable Perodua to expand its production capacity within its existing plant.
UMW Group said the proposed disposal is expected to be completed by the first quarter of next year.
Perodua is an associate company of UMW Holdings by virtue of UMW Corporation's 38 per cent equity stake in Perodua
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