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KUALA LUMPUR: Iskandar Waterfront City Bhd’s (IWC) wholly-owned subsidiary, Success Straits Sdn Bhd, has entered into a conditional sale and purchase agreement (SPA) with Knusford Resources Sdn Bhd for the proposed disposal of land worth RM53.24 million.

Knusford Resources is a wholly-owned subsidiary of Knusford Bhd.

In a filing with Bursa Malaysia, the company said the disposal consideration would be satisfied mainly via a settlement arrangement wherein a total amount of RM50.76 million, being a sum due and payable by IWC and its subsidiaries to Knusford and its subsidiaries, shall be set off against the disposal consideration.

Meanwhile, the remaining balance of RM2.48 million would be satisfied in cash.

It said the proposed disposal and settlement represented an opportunity for the company to unlock the value of the subject property at a fair price.

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Additionally, it said the company viewed the proposed disposal and settlement as reasonable after taking into consideration the marketability of the disposal land and the difficulty of seeking alternate buyers for the subject property in view of the current challenging economic conditions.

IWC said the proposed disposal and settlement is in line with the company’s intention to focus its resources on existing ongoing projects while the settlement would enable the company to settle the debts owing to Knusford group without incurring cash outflow.

It said the proposed disposal and settlement are expected to be completed in the fourth quarter of 2022.

Meanwhile, Knusford said the subject property is strategically located within Danga Bay, Iskandar Malaysia and is easily accessible via the Lebuhraya Sultan Iskandar, which is connecting it to the Johor Bahru city centre and the Johor-Singapore Causeway that links Bukit Chagar, Johor Bahru to Woodlands, Singapore.

It said the company believed that the subject property has good investment/development potential and might also stand to benefit from the resumption of the Rapid Transit System (RTS), which is aimed to be operational by 2026/2027.

"Accordingly, the proposed acquisition and settlement is undertaken as part of Knusford group’s plan to increase its land banks at strategic locations, which may allow it to benefit from potential capital appreciation, and in the event the board decides to develop the subject property, the said development may also generate additional streams of income for the group,” it added. - Bernama