KUALA LUMPUR (March 21): Sabah-based WMG Holdings Bhd (KL:WMG) said the group has received notices for the compulsory acquisition of its land in Sandakan for an electricity transmission project.
In a bourse filing on Friday, the property developer said its wholly-owned subsidiaries, Wah Mie Realty Sdn Bhd and HWE Sdn Bhd, have received the notices from the Lands and Surveys Department of Sabah.
The first parcel, owned by Wah Mie, measures 3.511 hectares and will be acquired for RM2.65 million, while the second, owned by HWE, measures 0.465 hectares and will be acquired for RM400,400.
WMG said the disposal of both properties is expected to generate a total gain of RM2.41 million.
The group plans to allocate the proceeds for business expansion, working capital and debt repayment.
WMG believes the compulsory acquisitions are fair, reasonable and in the group's best interest.
Shares in WMG closed unchanged at 38 sen on Friday, valuing the group at RM329.78 million.
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