PETALING JAYA: Sapura Industrial Bhd
(SIB) is proposing to dispose of two adjoining parcels of leasehold lands totalling 40,964 sq metres in Bandar Baru Bangi, Selangor to Zeito Plastic Components Sdn Bhd for RM42.33mil.
In a filing with Bursa Malaysia, SIB said the properties were initially acquired by the company to expand its plant located in Bandar Baru Bangi.
“After considering the need to expand its existing plants located nearer to the group’s customers, the board believes that the proposed disposal is timely, allowing the group to unlock the value of its non-core assets at the prevailing value and convert them into liquid funds for more productive operational use.
“In addition, SIB owned the subject properties for more than 20 years and the proposed disposal enables SIB to realise the capital appreciation of the subject properties.”
SIB said the cash proceeds from the proposed disposal will provide the group with additional working capital to mainly fund the group’s expansion plans.
