Greenyield to sell industrial land in Selangor for RM8mil
The agro-technology company said the disposal of the 10,660-sq metre land held by wholly owned subsidiary Greenyield Industries (M) Sdn Bhd (GISB) is part of the group's strategy to optimise its asset mix, and to monetise and crystallise the value of its landbank.
"The proceeds raised from the disposal will be utilised by the group as reserves, and to improve gearing and current ratios following the increase in reserves," it said in a filing with Bursa Malaysia today.
Greenyield intends to utilise most of the proceeds (RM7.56 million) for working capital and cash reserves , with the rest allocated for estimated real property gains tax (RM389,000) and expenses related to the proposed disposal (RM51,000).
"The proposed disposal is not subject to the approval of the shareholders of the company. However, the transfer of the property from GISB to the purchaser may be subject to the approval or consent of the state authority and other relevant authorities, if necessary.
"Barring any unforeseen circumstances, and subject to all relevant approvals being obtained, the proposed disposal is expected to be completed by 2025," it added.
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