Eng Kah to sell Seremban land for RM9.37m

PETALING JAYA: Eng Kah Corp Bhd is disposing of its vacant freehold land measuring 11,774 square metres in Seremban, Negeri Sembilan to Kian Joo Canpack Sdn Bhd for RM9.37 million.

Eng Kah told Bursa Malaysia that it is expected to register a gain of RM8 million from the disposal based on the acquisition price of RM1.24 million back in June, 2000.

"The disposal represents a good opportunity for the group to unlock its assets, which has been left vacant since it was purchased in the year 2000, at a favourable price. It is the company's plan to consolidate its resources and the consideration would generate positive cash flow for its business activities," it noted.

The proceeds raised from the disposal will be utilised as working capital for the group's business activities.