Tien Wah unit disposes of Australian land for RM65.18m

PETALING JAYA: Tien Wah Press Holdings Bhd’s 51%-owned unit Anzpac Services (Australia) Pty Ltd is disposing of a piece of freehold land measuring about 33,260 square metres located in New South Wales, Australia for AUD22.01 million (RM65.18 million) in cash.
The disposal is in line with the cessation of the remaining printing business of Anzpac announced on June 15, 2017.
Tien Wah told the stock exchange that it had on October 5 entered into a sale and purchase agreement with CEA Property Pty Ltd for the disposal.
The property currently is 63% occupied by existing tenant, while the remaining 37% is currently vacant.
Tien Wah said the disposal will see the group gaining RM10.75 million, which will be utilised within two years for future injections into the group’s investment in Lum Chang Tien Wah Property Sdn Bhd, a joint venture company set up for property development, working capital and/or reduction of loans.
"The proposed disposal will realise the value of Anzpac’s property which is no longer used or required by the group," it said on the rationale of disposal.