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Blumont Group disposes vacant land in Malaysia for $6.5 mil

Felicia Tan
Felicia Tan9/15/2021 5:21 PM GMT+08  • 2 min read
Blumont Group disposes vacant land in Malaysia for $6.5 mil
The excess of the proceeds over the property’s book value is around $2.0 million.
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Blumont Group, one of the three counters in the middle of the penny stock saga in 2013, has disposed of a piece of vacant land it owns in Malaysia for RM20.0 million ($6.5 million).

The group’s indirect wholly-owned subsidiary, Trackplus Sdn Bhd, entered into a sale and purchase agreement (SPA) on Sept 15 with Armani Alliance Sdn Bhd. The SPA was conducted in relation to the sale of a property located at No. 8 Jalan Lompat Galah 13/36, Seksyen 13, 40100 Shah Alam, Selangor Darul Ehsan, Malaysia.

The property is a vacant piece of commercial land with a 99-year lease expiring on Jan 22, 2102. It has a land area of around 7,863 sqm.

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