New owner for
In an apparent effort
to rid itself of assets which are slow to develop due to
encumbrances, ailing public listed outfit Mycom Bhd
recently sold its Sentul Murni project in Setapak, Kuala
The 43.04-acre site
approved for mixed development was picked up for RM3.5
million, or a lowly RM1.90psf, by Paramount Venue Sdn
Bhd, a private limited company with a paid-up capital of
RM2 located in Jalan Sultan, KL.
Mycom, which is
currently undergoing restructuring, said Sentul Murni
has not been able to take off due to various problems
encountered with squatters on the site.
The scheme had been
suspended since 1996 despite much effort to resolve the
squatter issue. Mycom said, adding that the sale
provides it with "an avenue to divest and be free from
The sale is expected
to result in a gain of RM3.6 million for the company,
which will have an impact of 0.9 sen on Mycom's earnings
per share for the financial year ending June 30, 2004.
The expected gain was
arrived at after taking into account the provision for
diminution in value of investment in real property
assets and development properties in the Sentul Murni
project amounting to RM29.8 million in the financial
year ending June 30, 2002.