KUALA LUMPUR: Warisan TC Holdings Bhd
(WTCH) expects to record a net gain of RM1.85mil from the sale of an industrial property in Selangor to Leisure Event Sdn Bhd, a wholly-owned subsidiary of property developer Avaland Bhd, for RM49mil.
It was previously reported that WTCH had divested the industrial property in Petaling Jaya to unlock value and strengthen its working capital.
In a filing with Bursa Malaysia yesterday, WTCH said the group intends to utilise the proceeds for working capital purposes, including procurement of inventory in the ordinary course of business (RM38.24mil), capital expenditure (RM9mil) and expenses and taxation for the disposal (RM1.76mil).
WTCH said the disposal is being undertaken by its 75.5%-owned unit, Comit Communication Technologies (M) Sdn Bhd. — Bernama
