KUALA LUMPUR (Jan 3): Guocoland (Malaysia) Bhd said its 68%-owned GLM Emerald Industrial Park (Jasin) Sdn Bhd (GLM EIPJ) is selling a parcel of land in Jasin, Malacca for RM119.26 million.

While IOI Corp Bhd is the registered owner of the 263.8-hectare (ha) freehold agricultural land, GLM EIPJ is the beneficial owner as it had acquired the land from IOI Corp in 1996, after which IOI Corp granted the power of attorney to GLM EIPJ to deal with the property, as if it is the registered proprietor.