PETALING JAYA: Signature International Bhd
(SIB) is proposing to dispose of two pieces of vacant freehold industrial lands in Tempat Bandar Baru Enstek, Negri Sembilan to Loi Foon Kion for RM25.7mil.
In a filing with Bursa Malaysia, SIB said the parcels of land are vacant and not used for any of the group’s business operations and are non-core assets of the group.
“The parcels were acquired in 2014 for the future development of a new manufacturing facility that was expected to take up 28-acres of space, with the remaining land held for long term investment purposes. However, the expansion plan did not materialise and as such, the parcels remained vacant.”
SIB said the proposed disposal provides an avenue for the group to realise its investment in these non-core assets at their market value; and raise cash proceeds which can be channelled towards the group’s business operations.
