KUALA LUMPUR: Garment maker Magni-Tech Industries Bhd has entered into a deal to sell a property in Seberang Perai, Penang for RM22mil cash.
The disposal will result in a RM15mil gain for the company.
"The Proposed Disposal is to unlock and realise the value of the said Property which are neither used or generating any income," the company said.
Magni-Tech, in a filing with Bursa Malaysia today, said wholly-owned subsidiary, South Island Garment Sdn Bhd on Sept 9 entered into a sale and purchase agreement with Hallmark Equity Sdn Bhd to dispose 7.75 acres of freehold land, together with single storey factory in Seberang Perai for RM22mil.
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