Sinmah Capital unit sells land for RM12m

PETALING JAYA: Sinmah Capital Bhd’s 51%-owned subsidiary Syarikat Perniagaan Suann Sdn Bhd (SPS) is disposing of four parcels of land in Batu Pahat for RM12.33 million.

The disposals also include 22 broiler farms, a processing plant and a double-storey shophouse located on the parcels of land.

The company said in a filing with the stock exchange that SPS had entered into four sale and purchase agreements with PTS Poultry Processing (BP) Sdn Bhd for the land disposal.

Sinmah said the proposed disposals constitute part of its plans to dispose certain poultry-related assets which it deems to be no longer necessary to its poultry division operations.

However, the company said it will continue its poultry related operations in the trading of broiler and contract farming business, feedmill operations in addition to its property division.

The counter lost one sen to close at 74.5 sen yesterday on some 74,500 shares traded, giving it a market capitalisation of RM45.51 million.