Eden To Incur Loss On Sale Of Kuantan Land

• Eden‘s proposed disposal of a 80.2 acre plot of vacant land in Kuantan will incur a net loss of RM454,000 for the company due to incidental costs to be incurred in connection with the proposed disposal.

• Proceeds from the land disposal will be used to boost the company’s cash flow for working capital requirements and reduce its borrowings.

• The working capital will be utilised primarily for the operations and business expansion within the energy, food and beverage and tourism sectors.

Significance : Eden has yet to determine the quantum of the proceeds to be used for the respective working capital requirements. It also plans to dispose the land to GIP Development for RM22.7 million on a willing buyer-willing seller basis through direct negotiations.

More From Shares Investment:

• Miyoshi Back In The Black For 3Q15

• USA Daily Bulletin – 03/07/15

• Asia Daily Bulletin – 03/07/15