Sarawak Plantation Bhd is set to gain an estimated RM5.7mil from the proposed disposal of 65 parcels of land in Kemena Land District in Bintulu, Sarawak, for a total consideration of RM7.2mil.

The company told Bursa Malaysia yesterday that its wholly-owned subsidiary Sarawak Plantation Property Holding Sdn Bhd (SPPH) had entered a deal to sell the land, measuring approximately 23,340 square metres, to Everlasting Prosperity Sdn Bhd.

Sarawak Plantation said all the 65 parcels of land was acquired by SPPH in March 1998 at RM1.74mil.

The company said upon completion of the land sale, it stood to gain an estimated RM 5.7mil, which would increasing its earnings per share by approximately two sen.

The company said the disposal was not expected to have any material effect on its net assets per share, gearing as well as share capital and substantial shareholdings of the group for the financial year ending Dec 31, 2012.