Wah Seong to sell Singapore estate for S$13mil


KUALA LUMPUR: Wah Seong Corp Bhd is disposing of a leasehold estate in Singapore to Swee Joo (Pte) Ltd for S$13mil.

In a submitting with Bursa Malaysia, Wah Seong mentioned its oblique wholly-owned subsidiary, WS Engineering & Fabrication Pte Ltd was promoting the 13,734 sq m land along with buildings erected on it to Swee Joo.

It mentioned the estate was presently not getting used for any of the corporate’s fabrication enterprise as the corporate moved its fabrication enterprise to Batam Yard, Indonesia a couple of years in the past.

“The disposal is a part of the group’s initiative to unlock its idle belongings to enhance its working capital place. The proceeds may even be used to develop the group’s fabrication amenities in Batam, Indonesia,” it mentioned.

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