MAGNI-TECH TO DISPOSE OF LAND IN PENANG FOR RM22 MLN
KUALA LUMPUR, Sept 9 -- Magni-Tech Industries Bhd’s wholly-owned subsidiary, South Island Garment Sdn Bhd has entered into a sale and purchase agreement to dispose of its 3.13 hectares of freehold land in Penang to Hallmark Equity Sdn Bhd for RM22 million.
In a filing with Bursa Malaysia today, Magni-Tech said the disposal is expected to be completed within four months.
“The proposed disposal is to unlock and realise the value of the said property which is neither used nor generating any income.
“Following the disposal, Magni Group will be in a stronger cash position to fund its future business plans and/or undertake new and suitable investment opportunities to maximise the returns to shareholders,” it added.
-- BERNAMA
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