PETALING JAYA: Yew Lee Pacific Group Bhd
(YLPG) is disposing of two double-storey shops in Ipoh, Perak to its managing director and major shareholder, Datuk Ang Lee Leong, for RM1.7mil.
In a filing with Bursa Malaysia, the industrial brushes manufacturer said the properties were previously used as a trading office and became surplus following the consolidation of the group’s operations at its headquarters.
They were subsequently rented out as investment properties.
“The board is of the view that retaining these non-core assets does not align with the group’s operational and capital management strategy.
“The proposed disposal will allow the group to realise the properties’ value above their original cost and independent market valuation.
“It will also allow it to redeploy the proceeds into working capital to support core business activities,” said YLPG.
