Mewah International disposes off land in Selangor for $4.4 mil.

Mewah International announce that G&U Districenters, an indirect wholly owned subsidiary of the company, has entered in a sale and purchase agreement (SPA) to sell a piece of leasehold land located in Selangor, Malaysia measuring approximately 16,147 sqm to a non-related party for about RM14.8 million ($4.4 million). 

The purchaser is a foreign owned company incorporated in Malaysia. 

The group says that the land no longer matches its investment objective, and it believes the proceeds can be deployed to better use. 

The book value of the land at the time of the SPA is about RM2.9 million.  The excess of proceeds over the book value of the land as at the time of the SPA is approximately RM10.5 million, after deducting the execpted selling costs. 

Shares in Mewah closed 1.8% higher o n Nov 15 at 28 cents.