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- The land was valued at RM25 million by Raine & Horne International Zaki + Partners Sdn Bhd on Nov 19, and was originally bought for RM16.69 million.
KUALA LUMPUR (Dec 24): Sapura Industrial Bhd (KL:SAPIND) announced it is selling its 35,332-square-metre freehold land in Seremban, Negeri Sembilan for RM24.72 million cash to fund general working capital needs.
The company expects to book a gain of RM6.7 million from the deal.
In a filing with Bursa Malaysia on Wednesday, the group said the letter of offer was issued via its wholly-owned subsidiary, Sapura Machining Corporation Sdn Bhd, to buyers Lim Chee Cheng and Lim Chee Meng.
Sapura Industrial will use the sale proceeds for working capital, capital spending and to expand production lines within 24 months.
Sapura Industrial’s board said it was the right time to divest the land, which it has held as an investment asset for seven years.
The land was valued at RM25 million by Raine & Horne International Zaki + Partners Sdn Bhd on Nov 19, and was originally bought for RM16.69 million, according to the filing.
Sapura Machining Corp is engaged in the manufacturing of automotive parts and serves customers such as Proton, Perodua and Ford Philippines.
Shares of Sapura Industrial closed unchanged at 78 sen on Wednesday for a market capitalisation of RM56.8 million.
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