Country View shares flat on proposed land sale

PETALING JAYA: Country View Bhd's share price was flat at RM1.63 this morning, after it proposed to dispose of 139 pieces of land in Kulim, Kedah measuring 1.74 million square metres for RM119.9 million.

At 11.18am, the stock stood at RM1.63 with 34,500 shares changing hands, bringing its market capitalisation to RM163 million.

The group said proceeds from the deal will be partly used for its land acquisition in Johor Baru for RM310 million, which was announced on Oct 30, 2017.

The proposed land acquisition will allow the group to expand and enhance its property development activities in Iskandar Puteri, which is expected to generate future income, it added.