PETALING JAYA: Muar Ban Lee Group Bhd (MBL) has announced that its indirect wholly-owned unit, Sokor Gemilang Ladang Sdn Bhd, has agreed to sell and transfer its plantation development rights over about 789 ha of plantation land in Jajahan Tanah Merah, Kelantan, to Maluri Avenue One Sdn Bhd for RM16mil.

In a filing with Bursa Malaysia, MBL said the disposal is expected to enable the group to unlock and monetise the value of the right-of-use asset and allow the group to improve its financial position and financial performance.

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