LSH Capital Receives RAC Letter Of Offer For RM197.9 Mln Land Project

KUALA LUMPUR, May 15 (Bernama) -- Lim Seong Hai Capital Bhd (LSH) has received an offer letter from Railway Assets Corporation (RAC) for the proposed sale and development of two parcels of land with a combined value of RM197.90 million in Petaling, Selangor.

In a filing with Bursa Malaysia today, the developer said the letter was received following the request for proposal in relation to the potential development of the land.

The proposed parcels of land, which measure approximately 7.04 hectares, will be subject to specific terms and conditions. These details will be outlined in a formal agreement to be signed within 30 days of accepting the letter of offer.

LSH Capital said that part of these terms and conditions includes obtaining approvals from shareholders during an extraordinary general meeting (EGM), as well as approvals from the Ministry of Economy and other relevant governmental or statutory bodies at the local council level.

"The final terms and conditions shall be embodied in the agreement to be executed between the parties.

"Further announcements, including details of the proposed development, will be made to Bursa Malaysia in due course once the agreement has been signed or when there are material updates on the proposed development," it added.

-- BERNAMA