Trinity Corp Bhd is planning further land sale worth at least RM100 million to RM200 million in the current financial year ending Jan 31, 2013 as part of efforts to strengthen its financial footing.

Executive director Chua Kim Lan said the group has 1,229.2 hectares balance land bank, mainly in Selangor, comprising commercial, residential and industrial properties.

“These land are at various strategic locations in Ampang, Sepang, Puchong, Bukit Jalil and Rawang,” she told reporters after the company’s annual general meeting.

In the last financial year, Trinity signed a settlement agreement with the Menteri Besar Selangor (Incorporated) (MBI) after shareholders approved on March 30, 2011 to reduce some of its long-standing debts owed to financial firms and creditors following long-delayed projects.

Under the agreement, the group, formerly known as Talam Corporation Bhd, disposed off its properties to MBI totalling RM363.58 million.

It also sold 10.352 hectares of land in Mukim Petaling for RM39.46 million and 18,582 square metres of commercial land in Kuala Langat for RM52.12 million.

For the financial year ended Jan 31, 2012, the group’s pre-tax loss fell to RM124.418 million compared with the pre-tax loss of RM153.753 million in the same period last year.

However, revenue rose to RM637.424 million from RM183.395 million, mainly contributed by land sale.

Its gearing position improved to RM461.72 million from RM726.62 million, down 36.46 percent.

Chua said Trinity needs more than two years to revert to black as it was currently undergoing a lot of debt impairment.

She said the company would continue venturing into joint-venture projects with reputable corporations.

“We also plan to develop residential properties on 199.388 hectares of land in Berjuntai Bestari in Selangor,” she said, adding that the property would be developed over 10 years from 2016, with an estimated gross development value of RM985 million.

Asked on questionable land deals between the company and MBI as alleged by certain quarters recently, Chua said: “The decision was above board. The deals were conducted transparently.”

The MCA Young Professionals’ Bureau chief Chua Tee Yong had raised questions on how an exercise to recover RM392 million debt from the company ended in deals worth more than RM1 billion.

- Bernama

Related stories

MCA: If DAP is so good, help S'gor with White Paper

Pua: BN was the real 'burden' for PNSB

DAP confirms truth in PNSB debt claim, says Tee Yong