MALAYSIA, 11/07/2024 (Asia News Channels) - PTT Synergy Group Bhd (PTTS) is selling two units of three-storey detached factories in Sepang, Selangor to MCM Land Sdn Bhd for a total cash consideration of RM26 million. This move is part of PTTS’ strategy to rationalize its non-core assets.
In a filing with Bursa Malaysia, PTTS stated that it is primarily involved in construction contracting and property investment. The company explained, "With the proposed disposal, this will reduce PTTS’ operational cost and maintenance cost of the properties."
PTTS plans to use the proceeds from the sale to repay borrowings and settle debts. The disposal is anticipated to lower the company’s gearing level to 1.80 times from the previous 1.88 times.
Additionally, PTTS noted that the disposal is not expected to have any significant impact on the earnings and consolidated earnings per share of PTTS and its subsidiaries for the financial year ending June 30, 2024.
-- ASIA NEWS CHANNELS