Eden gets RM76.9mil compensation for ECRL land acquisition

 

Eden Inc Bhd said the decision on the compensation amount was made during the land hearing held on Aug 4.

KUALA LUMPUR: Eden Inc Bhd has received compensation totalling RM76.86 million from the government for the acquisition of its land in Pahang for the East Coast Rail Link (ECRL) project.

In a filing with Bursa Malaysia today, the company said the decision was made during the land hearing held on Aug 4, based on the facts presented by representatives from Eden and Malaysia Rail Link Sdn Bhd, a wholly-owned subsidiary of Minister of Finance (Incorporated).

“The compulsory disposals arose as a result of the receipt from the land administrator of the notice to take possession of the land under Section 18 of the Land Acquisition Act, 1960,” it said.

It said the compensation was subject to the amount payable to the financial institutions to pare down the loan, which is in line with the charge documents.

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“The remaining balance is expected to be used for future business expansion, working capital and repayment of debts,” it said.

The company also added that the disposals were expected to result in a gain on compulsory disposals of RM45.84 million. - FMT