PETALING JAYA: Boustead Heavy Industries Corp
Bhd (BHIC) is disposing of three parcels of industrial land in Pulau Jerejak, Penang, for RM28mil in cash, as part of its efforts to unlock value from non-core assets and strengthen its financial position.
The sale, via wholly owned subsidiary Boustead Penang Shipyard Sdn Bhd, was agreed with Karya Koperat Sdn Bhd under a conditional sale and purchase agreement signed yesterday.
The properties, previously used as a shipyard supporting oil and gas activities, have been largely idle in recent years amid weak industry conditions and declining demand.
BHIC expects to record a pro forma gain of about RM14.39mil from the disposal, based on a net book value of RM11.58mil.
The proceeds will mainly be used for working capital, including operational expenses and maintenance of its facilities.
