KUALA LUMPUR, March 30 (Bernama) -- Bursa Malaysia’s benchmark index closed lower today, in line with most regional markets, as investors adjusted their risk exposure amid spiralling oil prices driven by the ongoing West Asia conflict, now in its second month. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) retreated by 24.75 points or 1.44 per cent to 1,687.90 from Friday’s close of 1,712.65. The market bellwether opened 10.57 points weaker at 1,702.08 and fluctuated between 1,682.79 and 1,702.38. The broader market was bearish, with decliners thumping advancers 956 to 371. A total of 373 counters were unchanged, 1,042 untraded and 134 suspended. Turnover expanded to 3.98 billion units worth RM4.85 billion from last Friday’s 2.97 billion units worth RM3.25 billion.
Infrastructure and construction group Ekovest Bhd (KL) announced the disposal of four parcels of land along Jalan Pahang in Kuala Lumpur, measuring a total of 2,286 square meters.
Key Takeaways:
Transaction Details: The land is being sold to Airman Sdn Bhd, a wholly-owned subsidiary of Lim Seong Hai Holdings Sdn Bhd (LSHHSB), for RM9.82 million. This is considered a related party transaction as Ekovest's non-independent and non-executive director, Tan Sri Lim Keng Cheng, is a major shareholder and director of LSHHSB with a 25% stake. Other shareholders of Airman, each with a 25% stake, are Datuk Lim Keng Guan, Lim Pak Lian, and Lim Keng Hun.
Financial Impact: Ekovest expects to gain RM3.51 million from the disposal, with proceeds to be used for general working capital purposes.
Previous Transactions: On February 22, Ekovest divested 13 parcels of land totaling 12,400 square meters in the same area to LSHHSB for RM66.8 million.
Location Details: The land is situated on the left side of Jalan Pahang when traveling from Kuala Lumpur city center and Bulatan Pahang towards Gombak and Setapak localities.
Development Plans: Ekovest initially intended to integrate these land parcels into a mixed development project named EkoQuay. However, the development order expired in February 2021.
Market Response: Ekovest shares fell by two sen or 4.3% to 44.5 sen on Monday, giving the group a market valuation of RM1.32 billion.
Ekovest's continued land disposals reflect strategic adjustments in its development plans, leveraging assets to bolster working capital while navigating expired project approvals.
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