Wah Seong to sell Singapore estate for S$13mil

KUALA LUMPUR: Wah Seong Corp Bhd is disposing of a leasehold estate in Singapore to Swee Joo (Pte) Ltd for S$13mil.

In a filing with Bursa Malaysia, Wah Seong said its indirect wholly-owned subsidiary, WS Engineering & Fabrication Pte Ltd was selling the 13,734 sq m land together with buildings erected on it to Swee Joo.

It said the estate was presently not being used for any of the company’s fabrication business as the company moved its fabrication business to Batam Yard, Indonesia a few years ago.

"The disposal is part of the group’s initiative to unlock its idle assets to improve its working capital position. The proceeds will also be used to expand the group’s fabrication facilities in Batam, Indonesia,” it said.