Tex Cycle sells land for RM29mil

PETALING JAYA: Tex Cycle Technology (M) Bhd is proposing to dispose of a 4,822.7 sq-metre plot of leasehold land, together with a three-storey detached industrial building, in Jalan Kuchai Lama, Kuala Lumpur for RM29mil.

In a filing with Bursa Malaysia, Tex Cycle said the proposed disposal provided an opportunity to unlock and realise the value of its investment in the property.

“The proposed disposal may also strengthen the liquidity and cash flow position (and) will not have any effect on the existing business operations of the company,” it said.