MMAG to dispose of Shah Alam land for RM20mil

KUALA LUMPUR: MMAG Holdings Bhd is disposing off a piece of land, together with a two-storey warehouse and three-storey office building on it for RM20.2mil cash.

The integrated supply chain management services provider, in a Bursa filing, said its wholly-owned subsidiary, MMAG Digital Sdn Bhd, had entered into a sale and purchase agreement with KGW Logistics (M) Sdn Bhd for the disposal.

MMAG said the 4,777 sq m land is located at the Hicom Glenmarie Industrial Park in Shah Alam. The property was acquired by MMAG Digital on April 3, 2012 and the original cost of investment for the property was approximately RM10.41mil.

“The disposal is viewed positively to provide a timely opportunity for MMAG group to immediately unlock the value and monetise its investment in the property, while at the same time improve the cash flows of MMAG Group and reduce the dependency on borrowings.

“The proceeds received from the disposal could fund MMAG Group’s existing businesses and/ or any future prospective businesses,” it said.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

MMAG , MMAG Digital ,


Next In Business News

Gold still a safe-haven asset
‘Snoozefest’ no longer: Volatility seizes Europe’s bond market
CAB boosting chicken and seafood businesses
Pantai Hospital Penang plans expansion
Strong growth seen for Agmo on mobile, web segment
The Week Ahead - GDP data dominates, China data dump, 2Q GDP updates, US inflation
Penang poised to gain from Asia’s cruise market
Bursa Malaysia likely to improve on bargain-hunting next week
TNB, EPU to host seminar on United Nations’ Sustainable Development Goal 7
It's still Oct 28, says Tengku Zafrul on claims Budget 2023 will be brought forward

Others Also Read