KUALA LUMPUR, Dec 3 — Hap Seng Consolidated Bhd is disposing of two contiguous parcels of leasehold land in Tawau, Sabah to Goldcoin Ventures Sdn Bhd for RM24.23 million.

Hap Seng said its wholly-owned subsidiary, Hap Seng Properties Development Sdn Bhd had entered into a sale and purchase agreement to dispose of Goldcoin Ventures, a unit of Akal Megah Sdn Bhd which in turn was wholly-owned by Hong Kong-based Lei Shing Hong Ltd.

"The disposals are in line with the group’s strategy in disposing of parcels of land located in non-strategic locations without immediate development potential,” it In a filing with Bursa Malaysia.

The proceeds from the proposed disposals will be used to reduce bank borrowings and/or to contribute to the working capital of the group.

Hap Seng said the disposals were expected to give rise to a net gain of approximately RM18.14 million. — Bernama