KUALA LUMPUR: Kumpulan Jetson Bhd
’s (KJB) wholly owned subsidiary Jetson Development (Asia) Sdn Bhd is disposing of a piece of freehold industrial land in Selangor together with a factory complex built on it for RM35 million in cash.
Following the proposed disposal, Jetson Development has signed a conditional sale and purchase agreement with TYH Management Sdn Bhd, KJB said in a filing with Bursa Malaysia today.
It said the proposed disposal would unlock the value of and monetise the long-held property investment, where the proceeds would be largely allocated to finance working capital and to pare down long-term debt.
"The estimated gross proceeds of about RM24 million, after settling the charge on the property and costs incurred for the proposed disposal, will be utilised to finance the working capital requirements of the Jetson Group.
"Barring any unforeseen circumstances, the proposed disposal is expected to be completed by the third quarter of the financial year 2023,” it added. - Bernama
