Malaysia Building Society Bhd (MBSB), through its wholly-owned subsidiary, Idaman Usahamas Sdn Bhd, proposes to sell a plot of commercial land together with an abandoned shopping mall in Johor Baharu to WCT Hartanah Jaya Sdn Bhd for RM180 million.

It said the proposed disposal was in line with the group's objective to sell off non-income generating assets, foreclosed properties and properties acquired previously.

The net book value of the property as at Dec 31, 2011 was RM124.548 million and it would result in a RM55 million gain at the MBSB group level, it said in a filing to Bursa Malaysia Securities.

MBSB said the gross cash proceeds are expected to be utilised for the financing business expansion.

The disposal is expected to be completed by the first quarter of next year. -- Bernama