KUALA LUMPUR (June 6): Country View Bhd’s (KL:CVIEW) wholly owned subsidiary, Country View Resources Sdn Bhd, has entered into a sale and purchase agreement with Paragon View Sdn Bhd to dispose of three pieces of freehold commercial land in Pulai, Johor Bahru, for a total of RM47.26 million.

In a filing with Bursa Malaysia on Thursday, Country View said the combined 3.66 hectares (9.04 acres) of land are located in Taman Nusa Sentral, Iskandar Puteri.

The exercise will allow the group to unlock the land value, enhancing its liquidity position.

The group noted that it will recognise an estimated net pro forma gain of RM18.14 million from the disposal.

Country View said the disposal proceeds will fund ongoing and future development projects, as well as be used as working capital, to reduce bank borrowings and improve the group’s gearing.

The exercise is also expected to strengthen the group’s principal business and benefit the group.