KUALA LUMPUR (Dec 7): Insas Bhd is disposing of a parcel of land in Bukit Damansara for RM14.87 million or RM610 per sq ft, in a related party transcation. 

The group said its indirect wholly-owned unit Filmont Holdings Sdn Bhd is selling the vacant freehold residential measuring 24,380 sq ft land to Satin Magic Sdn Bhd. 

Insas said its executive deputy chairman cum chief executive officer Datuk Sri Thong Kok Khee is a director of both Filmonth and Satin Magic, and is deemed to have a 32% indirect equity interest in Satin Magic. 

Its executive director Datuk Wong Gian Kui, meanwhile, is also a director of Satin Magic and has a direct 5% stake in that company. 

Insas said the disposal is part of the group’s asset rationalisation exercise to unlock and realise the increase in the value of its landed assets. 

It said the sale consideration represents an appreciation of more than 180% in value, since the land was acquired in 2004 for RM5.28 million or RM216 per sq ft. 

“The disposal of the land is expected to give rise to a small gain of RM100,000 only for the financial year ending 30 June 2019 (FY19), after adjusting for relevant expenses and taxes,” it added. 

Shares of Insas closed unchanged at 74 sen today, valuing the group at RM513.07 million.