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The Star

BWYS sells two parcels of land for RM11mil

PETALING JAYA: BWYS Group Bhd is disposing of two parcels of freehold properties in Bandar Butterworth, Penang to Hung Shang Property Sdn Bhd totalling 8,729 sq m, for RM11.28mil. In a filing with Bursa Malaysia, the manufacturer of sheet metal products said the disposal will allow the group to monetise non-core assets, improve liquidity and reallocate resources for core business expansion. 'The proceeds from the proposed disposal will provide immediate cash inflow, enhancing the group's liquidity position. 'These funds can be used to support working capital requirements, providing additional financial resources and strengthening the capital base of the group.' BWYS Group said the proposed disposal is expected to result in a gain of approximately RM2.28mil, after taking into consideration the net book value of the properties, incidental costs and expenses, and real property gains tax estimated at RM0.22mil.