Utusan Melayu (M) Bhd is selling a 4,715 square metres plot of land to Strong Skyhutch Sdn Bhd for RM18 million.

The land is located at Lot 648, Jalan Tiga, Off Jalan Chan Sow Lin, Kuala Lumpur.

In a filing with Bursa Malaysia today, Utusan said the proposed disposal would enable the company to unlock the immediate value of the property.

“The board is of the opinion that the proposed disposal is in the best interest of Utusan Group as the proposed disposal will enable Utusan to raise funds for Utusan Group’s working capital requirements,” it said.

Utusan’s original cost for the land piece was at RM813,191 when it was purchased in 1979 and the media group expects the proposed disposal to be completed by June next year.

- Bernama