Eden Inc which had been issued a compulsory notice to acquire its land in Pahang, states that the government has compensated the group for the two plots with RM76.8 million.
The land acquisition is for the ongoing East Coast Rail Link project that will cutting through its land situated in Kuantan. The Malaysian Government has allocated RM50 billion for the project and has factored in land acquisition as part of the costs.
According to Eden, both the leasehold land were purchased in 2003 for RM45 million resulting in a estimated profit of RM31.8 million from the deal.
The group plans to use the proceeds to settle the financial institutions and par down the loan,while the remaining balance is expected to be used for future business expansion, working capital and repayment of debts.