Hap Seng unit sells land to Byorion

KUALA LUMPUR: Hap Seng Consolidated Bhd's unit Malaysian, Mosaics Sdn Bhd (MMSB), has proposed to sell a parcel of leasehold land together with various buildings for the production and manufacturing of floor and wall tiles erected thereon in Kluang, Johor to Byorion Sdn Bhd for RM97.5mil.

“MMSB has simultaneously signed a sale and purchase agreement and a lease agreement with the buyer, whereby Byorion will purchase and subsequently lease back the property to MMSB for an initial period of 10 years at a monthly rental of RM337,949 with an option to renew the lease for a further 10-year period,” it said. — Bernama