Thriven to dispose of four properties for RM22mil

PETALING JAYA: Thriven Global Bhd is disposing of four properties in Kulim, Kedah, to Resource Star Sdn Bhd for RM22mil.

In a filing with Bursa Malaysia, Thriven said its wholly-owned sub-subsidiary, Golden Cignet Sdn Bhd (GCSB), had entered into four sale and purchase agreements with Resource Star for the disposals “The disposal provides an avenue for GCSB to monetise and crystallise the value of its landbank while at the same time, improve the cash flow of the company and Thriven Group.” Thriven said the sale of the properties will result in an estimated profit of RM12.72mil.

“The net cash proceeds received from the disposal shall be utilised as working capital of Thriven Group. “The estimated timeframe for utilisation of the same is within 12 months after receipt,” it said.