KUALA LUMPUR (Feb 12): Seremban-based property developer Matrix Concepts Holdings Bhd (KL:MATRIX) is divesting 38.65 acres of land in the town for RM90.91 million in a related-party transaction.

The vacant agricultural land is part of the upcoming industrial development, MVV Techvalley, in the Mukim of Labu, according to the group’s filing with Bursa Malaysia on Wednesday.

The sale of the land by Matrix Concepts' 85%-owned subsidiary, N9 Matrix Development Sdn Bhd, to Kuntum Kemuning Sdn Bhd, a company involved in property investments, is deemed a related-party deal as Matrix Concepts’ managing director Ho Kong Soon is also the sole shareholder of Kuntum Kemuning.

Under the terms of the transaction, 10% of the selling price was paid upon execution of the agreement, while the remaining 90% will be settled in stages based on work progress.

The transaction is expected to be completed within 12 months.

Shares of Matrix Concepts closed down four sen or 1.75% to RM2.25 on Wednesday, valuing the group at RM2.87 billion.