PETALING JAYA: Senheng New Retail Bhd
is disposing of a piece of vacant, freehold industrial land measuring 1.04 hectares in Johor Baru to Mactree Sdn Bhd for RM11.21mil.
In a filing with Bursa Malaysia, Senheng said the proposed disposal provides an opportunity for the company to realise the value of the property, which had increased in value since its acquisition in 2018.
The company added that the disposal will also provide immediate cash flow towards its business operations for its working capital purposes.
“The proceeds arising from the proposed disposal will be allocated for general working capital purposes and is expected to be utilised within a month upon the receipt of full proceeds.
Senheng said the proposed disposal is expected to be completed within 90 days from the date of the agreement.
Having considered the rationale of the proposed disposal, the audit and risk management committee of the company was of the opinion that the transaction is in the best interest of the company and the group.
“The proposed disposal is fair, reasonable and on normal commercial terms and not detrimental to the interests of the minority shareholders.”
