Uchi Tech disposes of Penang Island tract for RM19mil

KUALA LUMPUR: Uchi Technologies Bhd's wholly owned subsidiary Uchi Optoelectronic (M) Sdn Bhd has entered into an agreement with XFS Bhd to dispose of a tract of leasehold land including a factory building and structure in Seberang Perai Tengah on Penang Island for RM19mil.

In a statement with Bursa Malaysia, the group said the tract measured about 12,999.4855 sqm.

Uchi Tech said the property was not required for its operation and the disposal would realise its investment in the property.

It adde that the disposal is expected to result in an estimated gain of RM9.55mil.

"The proceeds from the Disposal of Property will be used for working capital purposes.

"There is no specific timeframe for full utilisation of the sale proceeds as such proceeds are to be utilised as working capital and is on an on-going basis," it said.

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Uchi Technologies , XFS


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