S P Setia completes Johor land sale for RM564mil, expected to contribute to profit of RM332mil

TheStar Tue, Jun 11, 2024 05:49pm - 1 week View Original


S P Setia president and chief executive officer Datuk Choong Kai Wai.

PETALING JAYA: S P Setia Bhd has completed the disposal of its 960-acre land parcel in Tebrau, Johor to Senibong Island Sdn Bhd, in a cash deal worth RM564mil.

The group said the transaction, conducted through its subsidiary Pelangi Sdn Bhd, has strengthened the company’s financial standing and is expected to contribute to an after-tax profit of RM332mil.

S P Setia president and chief executive officer Datuk Choong Kai Wai, in a media statement yesterday, said the sale of the land complements the group’s de-gearing efforts, as it continues its attempt to manage its capital structure, rationalising costs, and channelling its resources into fast-developing projects.

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