Wah Seong units, Axis REIT in land deal

KUALA LUMPUR: Wah Seong Corp Bhd's indirect units have entered into a sale and purchase agreement with Axis Real Estate Investment Trust (REIT) for the disposal of land measuring 50.87ha and buildings worth RM155 million. Wah Seong, which is involved in oil and gas and Industrial services, said the disposal would result in a one-off net gain of about RM97.7 million. Its indirect units are Wasco Coatings Services, Wasco Coatings Insulation, Wasco Lindung and Wasco Coatings Malaysia.