PETALING JAYA: Ingenieur Gudang Bhd is disposing of a piece of freehold land in Seremban, Negri Sembilan to Baba Products (M) Sdn Bhd for RM22mil.
In a filing with Bursa Malaysia, the property and construction firm said the land consisted of a single-storey detached factory with a two-storey office erected thereon.
“The proposed disposal provides an opportunity for Ingenieur Group to unlock the value and monetise its investment in the subject property, while at the same time strengthening its cash position to meet working capital requirements and day-to-day operational needs.”
The company said the disposal is expected to result in an estimated net gain on disposal of RM5.8mil to be used for general working capital to finance the day-to-day operations of Ingenieur Group’s business.
