style="text-transform: uppercase;">Kuala Lumpur: Amanahraya Real Estate Investment Trust (ARREIT) is proposing to dispose land in Shah Alam to Nippon Express (Malaysia) Sdn Bhd for RM105 million."The proposed disposal is an opportunistic disposal and the proceeds will be utilised to pare down borrowings from Affin Bank Bhd.

"Consequently, the gearing level, subsequent to the injection of Vista Tower, will be reduced from 49 per cent to 42 per cent," it said in a filing to Bursa Malaysia Thursday.

ARREIT added that part of the proceeds would also be used for working capital or to finance future potential acquisitions. – Bernama