Ekovest announced that its whollyowned subsidiary, Ekovest Properties Sdn Bhd and Temasek Megamas Sdn Bhd had entered
into sale and purchase agreements with Airman Sdn Bhd for the disposal of fou parcels of land held in KL for RM9.8 million.
The negotiations between the parties was on a "willing-buyer willing-seller" basis after taking into consideration among others, the prevailing market value of the Lands, zoning regulations and anticipated future development potential in the vicinity taking into consideration the requirements and Draft Kuala Lumpur Local Plan 2040 by Dewan Bandaraya Kuala Lumpur ("DBKL") and the setback requirements for "Riverside Corridor Zone" developments.
Airman is a wholly-owned subsidiary of Lim Seong Hai Resources Sdn Bhd which in turn is a wholly-owned subsidiary of Lim Seong Hai Holdings Sdn Bhd. Tan Sri Datuk Seri Lim Keng Cheng the Non-Independent and NonExecutive Director, is also a director of Airman and the major shareholder and director
The group believes the transaction to have a beneficial financial effect to the Group, reflecting positively on the overall revenue and cash flow.