KUALA LUMPUR: MMAG Holdings Bhd is disposing off a chunk of land, along with a two-storey warehouse and three-storey workplace constructing on it for RM20.2mil money.
The built-in provide chain administration providers supplier, in a Bursa submitting, mentioned its wholly-owned subsidiary, MMAG Digital Sdn Bhd, had entered right into a sale and buy settlement with KGW Logistics (M) Sdn Bhd for the disposal.
MMAG mentioned the 4,777 sq m land is positioned on the Hicom Glenmarie Industrial Park in Shah Alam. The property was acquired by MMAG Digital on April 3, 2012 and the unique price of funding for the property was roughly RM10.41mil.
“The disposal is viewed positively to provide a timely opportunity for MMAG group to immediately unlock the value and monetise its investment in the property, while at the same time improve the cash flows of MMAG Group and reduce the dependency on borrowings.
“The proceeds received from the disposal could fund MMAG Group’s existing businesses and/ or any future prospective businesses,” it mentioned.