PETALING JAYA: Pantech Global Bhd is proposing to dispose of a parcel of freehold land measuring approximately 10.01 acres in Klang, Selangor to Veltrix Land Sdn Bhd for RM31.73mil.
In a filing with Bursa Malaysia, Pantech said the proposed disposal is undertaken pursuant to the group’s revised development plans for its Klang operations.
“The property was originally intended for the development of Klang Factory 2.
“Following the group’s review of the development plan and the prolonged timeframe associated with the necessary planning and development requirements for the property, the group has decided to dispose of the property.
“The proposed disposal will enable the group to recover the capital outlay deployed for the property and re-deploy the relevant funds towards the group’s ongoing development and operational requirements,” the firm said.
