PETALING JAYA: Malaysian Pacific Industries
Bhd’s (MPI) wholly-owned subsidiary, Dynacraft Industries Sdn Bhd (DCI) is proposing to dispose of two parcels of land together with the buildings thereon to Open DC PE2 Asset Sdn Bhd for RM140mil.
In a filing with Bursa Malaysia, MPI said as DCI has ceased its manufacturing of leadframes operations, the properties (measuring 40,487 sq metres) are not needed for any business operations, adding that the proposed disposal will enable DCI to realise its investment in the properties.
MPI said the bulk of the proceeds will be distributed to its shareholder, MPI and/ or placement with financial institutions.
Part of the proceeds will also be used to defray estimated tax and expenses relating to the proposed disposal.
“Upon completion of the proposed disposal, MPI Group expects to realise an estimated net gain on disposal of approximately RM99.2mil,” it said.
