PETALING JAYA: GUH Holdings Bhd
will be transferring its industrial land in Suzhou, China, to the Chinese government for RM119.83mil.
In a filing with Bursa Malaysia, the company said the proposed disposal arose as a result of the Suzhou Government announcing their plans to urbanise the Suzhou New District, including the re-zoning of industrial areas to commercial and/or residential areas.
“Subsequent to the announcements in 2020, GUH Suzhou faced workers’ strikes on Sept 14, 2020 and had to cease operations until Oct 6, 2020 when manufacturing operations were resumed.
“Thereafter, GUH Suzhou continued its manufacturing operations at a minimal capacity until operations ceased completely in December 2021.”
GUH Holdings said the disposal will allow the group to recoup its investment for which the land use tenure has a remaining lease term of 22 years.
