Eksons

Eksons expects to record a net gain of rm52 million after minority interests, from the disposal of land in Selangor for the financial year ending March 31 2015.

The net gain is equivalent approximately 32 sen per share.

The disposal would enable the group to acquire a new land for development. Additionally the firm said the land was part of the land bank of the group’s property development division and was to be developed with a mix of commercial and retail components.

Its net cash per share will rise to rm1.18.

The rise in net cash per share does not include the value of the group’s plywood manufacturing business, with the estimation of rm200 million for the replacement cost of the plywood business.

However the company is not expected to pay out all of the land sale proceeds as management is looking to buy more landbank and the plywood market conditions remain difficult. Also it would be easy for the company to sell its plywood business even if it wanted to.