Garment maker Magni-Tech sells factory land in Penang

Magni-Tech, which is engaged in both the manufacture and sales of garments, said it would be in a stronger cash position to fund its future business plans and to undertake new and suitable investment opportunities.

PETALING JAYA: Garment manufacturer Magni-Tech Industries Bhd is disposing of a vacant piece of industrial land with a factory building in Penang for RM22mil.

In a filing with Bursa Malaysia, Magni-Tech said its wholly-owned subsidiary, South Island Garment Sdn Bhd, had entered into a sale and purchase agreement with Hallmark Equity Sdn Bhd for the disposal of the land.