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Leon Fuat offered RM45.8mil compensation for Sungai Besi land

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KUALA LUMPUR (Mar 22): Leon Fuat Bhd has been offered a total of RM45.84 million by the government for the compulsory acquisition of the plots of land it owns in Sungai Besi.
In a filing with Bursa Malaysia today, Leon Fuat said that it had received the Form H from the Land Administrator of Wilayah Persekutuan Kuala Lumpur on its notice of award of compensation in respect of the compulsory acquisition, which is subject to the acceptance of the company.
To recap, Leon Fuat had announced in July last year that the company had been informed of the compulsory acquisition of its plots of land for the purpose of the Mass Rapid Transit Project, Lembah Klang-Jajaran Sungai Buloh-Serdang-Putrajaya.
The affected land to be acquired include part of the land located in 6A, Jalan Tiga, Off Jalan Sungai Besi measuring 430.5316 sq metres and the entire lot located at No 8, Jalan Tiga, Off Jalan Sungai Besi measuring 3,726 sq metres.
Leon Fuat was offered RM11.37 million for the land located at 6A, and RM34.47 million for the land located at No 8.
The affected plots of land house the steel processing plant, office and warehouse of Supreme Steelmakers Sdn Bhd, which is a subsidiary of Leon Fuat.
At 5 pm today, Leon Fuat shares closed down 1.5 sen (2.3%) to 65 sen for a market capitalisation of RM201.5 million.