Friday, 20 April 2012

UOA to sell office tower to DKLS for RM94m

KUALA LUMPUR (April 20): UOA Development Bhd, a property developer and builder, plans to sell its 14-storey office tower in Bangsar to DKLS INDUSTRIES BHD [] for RM93.8 million.

In a statement to the exchange on Friday, UOA said the disposal allows the firm to unlock the value of the property located along Jalan Kerinchi here. Proceeds from the sale will finance the company's working capital needs, it said.

The selling price translates into 1.4 times the book value of RM68 million for the commercial real estate, UOA said. The seller said it expects to register an estimated disposal gain of RM19.97 million from the sale.

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