JCY UNIT TO RECEIVE RM81.1 MLN IN RELOCATION COMPENSATION
KUALA LUMPUR, March 12 (Bernama) -- JCY International Bhd's indirect wholly-owned subsidiary, YK Technology (Suzhou) Co Ltd (YKT), will receive RM81.1 million in relocation compensation from Guo Lane Street Relocation Office for its land and non-commercial property located in Suzhou Wuzhong Economic Technology Development Area in China.
In a filing with Bursa Malaysia, JCY said it expected to secure a pre-tax gain of RM12.55 million after taking into account of estimated direct and consequential costs arising from the proposed acceptance of relocation compensation.
It said the proceeds would be kept as capital reserve for future investments.
The proposed acceptance of the relocation compensation, expected to be completed by the third quarter of the financial year ending Sept 30, 2020, would contribute positively to the net assets and earnings per share of the group for the financial year ending Sept, 30 2019.
-- BERNAMA
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