Aztech Global’s wholly-owned subsidiary has sold its property in Gelang Patah, Johor, Malaysia for a consideration of RM28.75 million ($8.73 million) to an independent third party.
The property has a land area of about 8,092 square meters (sqm) and a built-up area of approximately 10,304.8 square meters. No valuation was carried out in connection with the sale.
Aztech says that the property has remained vacant following the group’s successful consolidation of its operations at its manufacturing facility located in Pasir Gudang, Malaysia that sits within the Johor-Singapore Special Economic Zone.
The sale would provide funds for the group’s future acquisition of additional manufacturing facilities in the vicinity of Pasir Gudang, says Aztech.
Upon completion of the sale, Aztech will report a net gain of RM13.7 million.
Shares in Aztech Globalclosed 2.5 cents higher or 4.348% up at 60 cents on June 26.
