Ta Ann Holdings Bhd registered a loss of US$386,000 following its withdrawal from a project in China.
In a statement to Bursa Malaysia today, the company said that the original investment was US$4 million for the project.
"With the amount in US dollar proceeds and the value of machineries repatriated, there was a loss of US$386,000 in the project," it added.
The timber-based company said that following the approval of the authorities in China, the proceeds from the sale of land had been repatriated to Malaysia.
"The plywood machineries have also been transported back and will be installed at the plywood mill in Sibu," it said.
Ta Ann also said it had received the Chinese government’s approval to wind up the subsidiary, Ta Ann Eco-Timber Industries Pty Ltd, on Monday. -- Bernama
In a statement to Bursa Malaysia today, the company said that the original investment was US$4 million for the project.
"With the amount in US dollar proceeds and the value of machineries repatriated, there was a loss of US$386,000 in the project," it added.
The timber-based company said that following the approval of the authorities in China, the proceeds from the sale of land had been repatriated to Malaysia.
"The plywood machineries have also been transported back and will be installed at the plywood mill in Sibu," it said.
Ta Ann also said it had received the Chinese government’s approval to wind up the subsidiary, Ta Ann Eco-Timber Industries Pty Ltd, on Monday. -- Bernama
