Logistics company Chasen Holdings has flagged that it expects to report a loss for its year ended March, as it was not able to book income as its key property here is being redeveloped.
18 Jalan Besut, which is used by Chasen as its corporate office, is being rebuilt into a new integrated logistics hub that combines next door 16 Jalan Besut.
Separately, Chasen, on March 1, announced it is selling a group of logistics assets across the region to Switzerland's Kuehne + Nagel for $67.4 million and will pocket a net proceed of $57.2 million.
This transaction is pending completion.
Chasen Holdings shares closed at 10 cents on May 17, up 0.98% for the day and up 14.44% year to date.
