Mulpha Land - reduce debt RM4 million

It plans to reduce its bank borrowings by rm4 million through the disposal of land in Klang for a cahs consideration of rm8.63 million. Part of the proceeds from the disposed disposal will be utilized towards the repayment of MLB Group’s bank borrowings, which will result in a reduction of MLB’s gearing level and in turn reduce the borrowing costs which will translate into interest savings for MLB Group.

The deal is also expected to increase then net assets per share of the group, and reduce its gearing for the group.