Cymao sells parcels of Sandakan industrial land for RM12m
04 Jun 2018 / 21:29 H.
PETALING JAYA: Cymao Holdings Bhd’s subsidiary Cymao Plywood Sdn Bhd has entered into a sale and purchase agreement with South Pacific Fish Processing Sdn Bhd for the disposal of two parcels of industrial land in Sandakan, Sabah, for RM12 million.
The group said the disposal of land would enable it to unlock the value of land and make available additional funds for working capital requirements, following the closure of one of its mills in Sandakan.
Cymao Holdings had merged the operations of two mills into one in Sandakan in January 2017 due to reduced logs supply and with the production level of combined mills into one to maximise the usage of logs, resources and manpower. The move was to save costs and improve operations efficiency.