KUALA LUMPUR: MUI Properties Bhd is disposing of its land in Springhill Industrial Park to Gamuda Bhd for RM424.4 million.
The industrial land spans 157.71 hectares and was acquired for Gamuda's high tech digital infrastructure hub.
"With this transaction, MUI Properties has made a major step forward in the group's ongoing initiative to monetise its land bank and investment properties.
"The sale proceeds will enable us to expand our portfolio of new land banks for further growth and long term sustainability," said MUI Properties executive chairman and chief executive officer Andrew Khoo in a statement.
Trading of Mui Properties shares was suspended today at the company's request, pending a material announcement.
The suspension began at 10.40am.
In early session today, the stock rose as much as 1.15 per cent to 44 sen from Friday's close of 43.5 sen prior to the suspension.
Its market capitalisation stood at RM332.4 million.