PLB Engineering Bhd's wholly-owned sub-subsidiary, Pelangi Sehati Development Sdn Bhd, has disposed of a vacant freehold in Seberang Perai Selatan to Chin Hin Land Sdn Bhd for RM22.183 million.
In a filing to Bursa Malaysia today, PLB said the disposal was in line with the group's strategy of preserving capital value and strengthening the balance sheet via realising assets which can then be developed in other projects and investments.
"The disposal is expected to result a one-off gain (net of tax) of RM5 million (estimated) to the group after deducting the development cost incurred and other sundry expenses fees," PLB said.
Proceeds from the disposal would be utilised for working capital and/or repayment of bank borrowings, the company said.
As at Aug 31, the total bank borrowings of the PLB amounted to approximately RM56.98 million. -- Bernama
In a filing to Bursa Malaysia today, PLB said the disposal was in line with the group's strategy of preserving capital value and strengthening the balance sheet via realising assets which can then be developed in other projects and investments.
"The disposal is expected to result a one-off gain (net of tax) of RM5 million (estimated) to the group after deducting the development cost incurred and other sundry expenses fees," PLB said.
Proceeds from the disposal would be utilised for working capital and/or repayment of bank borrowings, the company said.
As at Aug 31, the total bank borrowings of the PLB amounted to approximately RM56.98 million. -- Bernama
